To many the term, fiscal cliff, is just a term that has become too confusing to understand.
But the impact for you could be huge. So we are breaking it down to what it means for your paychecks.
According to the website BusinessInsider.com your paycheck could be much smaller come January 1st.
A single person making $30,000 a year without dependents will see a tax increase of $1,035 a year or $86 a month
For a married couple with no dependents making $30,000 a year, their taxes will go up $1,470 a year or $122 a month
Jeris Fowler of Chambersburg said he worries about supporting his family. " Thats that's more than I even make and, I got two kids to support"
For a single person with no dependents making $50,000 a year, their taxes will go up $1,810 which means they will be paying $150 a month
And for a married couple making $50,000 a year, the taxes increase to $1,870 or $155 a month.
Some say enough is enough, the government needs to stop dipping into our paychecks to pay their bills. Brian Hogge, owns his own business, he says taxes need to be lowered, not increased. "All the extra money they're going to just spend it. They're gonna borrow more so they need to just lower taxes and freeze spending."
If you would like to use the calculator to figure out how much your taxes will go up as of January first, click on find it.
But the impact for you could be huge. So we are breaking it down to what it means for your paychecks.
According to the website BusinessInsider.com your paycheck could be much smaller come January 1st.
A single person making $30,000 a year without dependents will see a tax increase of $1,035 a year or $86 a month
For a married couple with no dependents making $30,000 a year, their taxes will go up $1,470 a year or $122 a month
Jeris Fowler of Chambersburg said he worries about supporting his family. " Thats that's more than I even make and, I got two kids to support"
For a single person with no dependents making $50,000 a year, their taxes will go up $1,810 which means they will be paying $150 a month
And for a married couple making $50,000 a year, the taxes increase to $1,870 or $155 a month.
Some say enough is enough, the government needs to stop dipping into our paychecks to pay their bills. Brian Hogge, owns his own business, he says taxes need to be lowered, not increased. "All the extra money they're going to just spend it. They're gonna borrow more so they need to just lower taxes and freeze spending."
If you would like to use the calculator to figure out how much your taxes will go up as of January first, click on find it.