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"You're going to have less money to spend in a very difficult economy," says financial planner Ed Butowsky.
"If we do go over the cliff, it means the economy is going to go down pretty sharply," says financial adviser Jordan Goodman.
Already-stretched family budgets will be stretched even more. Numbers from the Tax Policy Center show for those whose taxes do go up, this is the average tax hit families will take, on top of what they already pay in taxes. Below $10,000, they'll pay an average of about $300 more. Those who make between $40,000-$50,000, they'll have to pay an extra $1700. In the next group of wage earners, $50,000-$75,000, they'll have to find an extra $2300 to send to Washington. If you manage to make over $200,000, it will be a big jump up. You'll need to send a check to Uncle Sam for, on average, about $14,000 additional. The highest wage earners, $500,000-$1 million, you'll pay an average of $34,000 more. Over a million, the IRS will want $216,000 additional from you, on top of what you already pay in taxes. Ed Butowsky, a wealth manager, says the money you have left won't go as far, as businesses deal with their own tax hikes.
"You are going to see less money in your paycheck, you're going to see wages up at a slower rate, and you're going to see prices on everything you spend money on go up dramatically," says Butowsky.
The federal government also will have to bite the economic bullet, with $1.2 trillion in spending cuts, over half of that is to the defense budget. Butowsky says families may need to do an austerity calculation before making big purchases. Look at the money you have and the money you will need in the future, and decide if you really need that next big purchase.
Workers at a Washington, D.C. Starbucks are pushing for a solution to the fiscal cliff. They are writing "Come Together" on every coffee cup sold. Executives from the coffee chain say the message is simple: Stop standing idly by as no progress is made.
An agreement preventing the country from falling off the fiscal cliff could be made at any time. You can catch any overnight developments on TENNESSEE MORNINGS starting at 5am. We also have a fiscal cliff clock on our website, Fox17.com.
Wednesday, December 26 2012, 10:11 PM CST
Tishomingo County voters OK beer, alcohol sales
May 22, 2013 23:38 GMT
IUKA, Miss. (AP) -- Tishomingo County is the latest Mississippi jurisdiction to legalize alcohol sales.
Voters approved the sale of liquor, wine and beer Tuesday, reports the Northeast Mississippi Daily Journal (http://bit.ly/13JCcix).
It wasn't clear referendums would pass until affidavit ballots were counted Wednesday.
With more than half Tishomingo County's voters casting ballots, legalizing alcohol passed by 42 votes, while legalizing beer and light wine passed by 73. The county borders Alabama and Tennessee.
Lawmakers legalized liquor at a proposed resort at the county's Bay Springs Lake in 2010, but it wasn't built.
Greene County voters legalized beer sales last year, while Corinth, New Albany and Senatobia have legalized alcohol sales under a 2012 law that allows cities to hold votes.
Mississippi has 13 remaining counties that allow no beer or alcohol sales.
Bernanke signals Fed to maintain stimulus efforts
WASHINGTON (AP) -- Chairman Ben Bernanke is telling Congress that the U.S. job market remains weak and that it is too soon for the Federal Reserve to end its extraordinary stimulus programs.
BC-US--Dow Record-Three Personal Stories, 1st Ld-Writethru,1173
Dow Record: Three tales of ups, downs and changes
AP Photo FX102, FX103
Eds: With BC-US--Dow Record. Adds photos.
By SCOTT MAYEROWITZ
AP Business Writer
NEW YORK (AP) -- When the Dow first crossed 14,000, investors were overjoyed. ...
IN THE NEWS: TEENS MOVING TO TWITTER TO DODGE PARENTS, OTHER BORES
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LOS ANGELES (AP) -- From bikinis to Hawaiian shirts -- it's time to gear up for the beach.