How Much Will Falling off the Fiscal Cliff Cost You?
If Congress fails to pass an extension of the Bush era tax cuts by midnight Monday, American paychecks will get smaller. You can use the fiscal cliff calculator to see the impact on your paycheck.
With leaders of Congress becoming more and more skeptical a deal will be reached before midnight Monday to avoid the fiscal cliff, it becomes more likely American paychecks will get smaller Tuesday, according to a story in today’s New York Times. “I have to be very honest,” Senate Majority Leader Harry Reid said in the New York Times article. “I don’t know time-wise how it can happen now.” The Senate reconvened today in an unusual session between Christmas and Jan. 1. Even if the Senate passes legislation, the House of Representatives will not come back into session until Sunday barely 24 hours before the deadline, according to a story today on Politico. If no deal is reached, a single person with two exemptions earning $50,000 per year …
Dan Arenov
11:20 am on Wednesday, January 2, 2013
Hello all, I guess i shouldn't post something like this without providing more details. The idea for this blog, which i've run by the local Patch editor, is to have a small group of people who either lean left or lean right and to be part of a small 'debate' team. We would pick a hot topic each week (maybe pulling from a Brian Slupski news item, etc) on e.g., Monday, and would select one person … more ›