Strongsville: Fiscal cliff fears hang over New Year's Eve

7:14 PM, Dec 31, 2012   |    comments
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STRONGSVILLE -- On New Year's Eve, people are busy planning to hold or attend  parties welcoming in the New Year or do so in quiet celebrations at home.

And while most say they will be able to enjoy the traditional festivities, concerns about the looming fiscal cliff overhang 2013.

Gail Fowler is a school teacher hoping to retire.

"I'm very concerned about the New Year...I'm a middle classer. I'm very scared, " she said.

Financial adviser Tony Mercuri says the possible financial impact of fiscal cliff tax hikes and spending cuts on his business would be a "10" on a 1 to 10 scale.

"It will impact my take home money, It will impact my clients. It will impact my business," he said.

A day of negotiations in Washington has seemingly produced an agreement to stop middle class tax hikes. Apparently spending cuts in the military and federal programs are an issue that will require more discussion.

It's unclear whether an Alternative Minimum Tax increase will kick in for millions of middle class taxpayers.

Most taxpayers will seemingly see  a two percent hike in Social Security taxes. deal or no deal.

The House will NOT vote on any possible deal before a midnight deadline.

Les Horval says no deal will mean a couple thousand dollars a year more in taxes for him.

"You're right. It hurts everybody," he said.

Retiree John Chapman said, "I think they will come together. They have to. There are people far more upset and frustrated than I am."

Most people interviewed by Channel 3 News said they will try not to let fiscal cliff worries spoil their New Year's Eve.

Stephanie Dreiling said, "It's frustrating our politicians can't come to some agreement and get this done. It's frustrating it hasn't been done before now."

Les Horval said, "They need to get it done for everybody. For the rich. For the poor. For everybody."

WKYC-TV

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