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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
Ky. veteran killed in Afghanistan blast
May 17, 2013 23:53 GMT
FORT THOMAS, Ky. (AP) -- A Kentucky veteran who was working as a civilian contractor in Afghanistan has died in an explosion in Kabul that killed at least 15 people including six Americans.
The father of 26-year-old Michael Robert Bradford of Fort Thomas said his son was smart, good in different sports and about to become a father.
Gary "Moose" Bradford, also of Fort Thomas, told The Kentucky Enquirer (http://bit.ly/12i0nVO ) he found about his son's death from Michael Bradford's wife, Sasha, on Thursday afternoon. He said he was in total disbelief.
The couple's first child is due in a few weeks.
Two American soldiers were killed along with four American civilian contractors with DynCorp International, based in Falls Church, Va.
Other survivors include his mother, Linda Bradford of Johnson City, Tenn.
Information from: The Kentucky Enquirer, http://www.nky.com
Gauge of US economy's future health up in April
WASHINGTON (AP) -- A measure of the U.S. economy's future health rose in solidly in April, buoyed by a sharp rise in applications to build new homes and apartments.
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: LABOR GROUP SAYS CONDITIONS AT APPLE PLANTS IMPROVING
WASHINGTON (AP) -- A labor group Apple joined to assess working conditions at three manufacturing plants in China, where its products are made, says conditions are getting better.
ON THIN ICE?
ANCHORAGE, Alaska (AP) -- He was already on thin ice with the law when he failed to meet the conditions of his probation.