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Cleveland: Fiscal cliff concerning taxpayers

11:43 PM, Nov 29, 2012   |    comments
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CLEVELAND -- The looming "fiscal cliff" has most people confused, and many worried. 

As scary as it sounds, it's only a term used to describe a couple different moving parts. It's a combination of a scheduled reduction in government spending, and the expiration of every tax cut enacted since 2001.

That's scheduled to happen Dec. 31.  If Democrats and Republicans can't reach an agreement on where to cut spending, we'll all see more money come out of our pockets to help reduce the deficit. 

Studies suggest 90% of households would experience tax increase.  Someone making $20,000 a year will see a $400 increase. If you're making $40,000 to $65,000 you're out about $2,000.

The numbers only go up from there.

Those at the top of the top will pay about $120,000 more. Tammy Galford says she feels "in the dark" over the whole process. 

She added that she is concerned, and at times a tad bit overwhelmed, by the tax hikes. 

The people we spoke with say they're holding out hope that it doesn't come to the cuts. 

WKYC-TV

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