As Fiscal Cliff Looms, Working Families Brace Themselves

By: Anthony Sabella Email
By: Anthony Sabella Email

$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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  • by AliceS Location: UK on Feb 26, 2013 at 11:12 PM
    What I want to know is, if this law was in effect during their recent jaunts on the taxpayer, and it was, why aren’t they being charged with embezzlement? How many bankers were ever charged with a crime when they misappropriated millions of tax payer bailout money so that they could receive a bonus. A bonus is for a job well done and theirs was not. I think it is wrong for banks to charge a person $5 a month because they don’t have a balance greater than $500. And we are paying the banks for letting them use our money applied with online payday loans for their investments, and it used to be the other way around, how sad is that?
  • by maty Location: brooklyn on Dec 4, 2012 at 04:52 AM
    How about cutting salarys to all the knotheads in washington that caused this!!!
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