What is the fiscal cliff and what does it mean for you? Owen Malcolm from United Capital stopped by Good Day Atlanta on Monday to spell out how it could affect consumers, investors and the nation.
Information: If the fiscal cliff is reached...
For a family making $60,000 a year, the federal tax rate jumps from 14 percent to 17.8 percent. Taxes could increase by $2,000, payroll taxes increase by 2 percent and the child tax credit drops to $500 maximum per child.
For the nation, it could cause a recession, and the US economy could shrink. It may mean fewer jobs, taxes go up and the economy goes down.
For investors, most Americans will pay more taxes; new taxes related to the Affordable Care Act; changes in the Alternative Minimum Tax and estate taxes will go up for some.
Monday, June 17 2013 10:08 AM EDT2013-06-17 14:08:03 GMT
Now, it's time to get ‘phine' – and, yes, that's with a ‘P-H.' Fitness trainer Apollo Nida is here to help you get those arms and legs in tip-top shape for summer!
Now, it's time to get ‘phine' – and, yes, that's with a ‘P-H.' Fitness trainer Apollo Nida is here to help you get those arms and legs in tip-top shape for summer!
Monday, June 17 2013 8:03 AM EDT2013-06-17 12:03:25 GMT
We all get excited about leaving town and going on vacation, so we tend to tell everyone about it. But, a word of caution before spreading the good news.
We all get excited about leaving town and going on vacation, so we tend to tell everyone about it. But, a word of caution before spreading the good news.
