As Fiscal Cliff Looms, Working Families Brace Themselves

$2,000...That's how much the average person's taxes will go up if Congress and the White House don't reach an agreement by the end of the year to avoid the fiscal cliff.

A scary thought for David McAndrews.

"If that happens, it will create a lot of problems for our various customers," said McAndrews, who works for Block Imaging, a company that sells refurbished medical equipment.

While McAndrews says his family can handle a tax increase, going off the fiscal cliff would his his company particularly hard.

"If our customers are having a hard time, then we're having a hard time," said McAndrews. "Anytime a full-commission salesperson has a hard time selling, it has implications at home."

According to Peter Pratt, the President of Public Sector Consultants, tax increases and spending cuts that come with the fiscal cliff could plunge the U.S. into another recession.

"People are paying more taxes, so they're spending less money," said Pratt. "It's the perfect storm of things that are going to prevent the U.S. economy from growing."

On top of raised taxes, there is another issue the fiscal cliff brings that hits closer to home for McAndrews. He and his wife, who already have two girls, are planning on adopting twin boys.

"That is one of the credits that will go away," said McAndrews. "Having up to $25,000 in tax credit redeemable. That would cause very significant cuts at home."


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