What is the fiscal cliff? - DC News FOX 5 DC WTTG

What is the fiscal cliff?

Posted: Updated:
ATLANTA -

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.

  • Good Day ArchiveMore>>

  • Back to School Jamboree with Hosea Feed The Hungry

    Back to School Jamboree with Hosea Feed The Hungry

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

  • Good Day Atlanta

    Enjoy lighter fried chicken

    Enjoy lighter fried chicken

    Tuesday, August 19 2014 9:27 AM EDT2014-08-19 13:27:57 GMT
    Enjoy this lighter, healthier fried chicken recipe with Chef Curtis Aikens!
    Enjoy this lighter, healthier fried chicken recipe with Chef Curtis Aikens!
  • Girl Scouts of Greater Atlanta hold fall membership blitz

    Girl Scouts of Greater Atlanta hold fall membership blitz

    Tuesday, August 19 2014 8:41 AM EDT2014-08-19 12:41:05 GMT
    It all began with 18 members in Savannah, GA back in the early 1900s.  Now, there are more than three-million Girl Scouts across the globe, including
    It all began with 18 members in Savannah, GA back in the early 1900s. Now, there are more than three-million Girl Scouts across the globe, including thousands in Great Atlanta, and the organization hopes that numbers just keeps growing.
Powered by WorldNow
Untitled

WTTG FOX 5 & myfoxdc
5151 Wisconsin Ave. NW
Washington, DC 20016
Main Number: (202) 244-5151
Newsroom: (202) 895-3000
fox5tips@wttg.com

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices