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>>

  • What's Happening: 2014 Atlanta Steeplechase

    What's Happening: 2014 Atlanta Steeplechase

    Wednesday, April 16 2014 10:03 AM EDT2014-04-16 14:03:02 GMT
    Photos by Mike Soto Photos by Mike Soto
    One of the most exciting horse races in Georgia happens this Saturday at Kingston Downs.
    One of the most exciting horse races in Georgia happens this Saturday at Kingston Downs.
  • Good Day Atlanta

    Stress-Free Travel

    Stress-Free Travel

    Wednesday, April 16 2014 9:44 AM EDT2014-04-16 13:44:27 GMT
    After a particularly long and nasty winter, spring has finally sprung and folks are planning and taking long-awaited vacations. How do you breeze through the terminal and to your gate stress-free?
    After a particularly long and nasty winter, spring has finally sprung and folks are planning and taking long-awaited vacations. How do you breeze through the terminal and to your gate stress-free?
  • Good Day Atlanta

    Back Home with The Neelys

    Back Home with The Neelys

    Wednesday, April 16 2014 9:40 AM EDT2014-04-16 13:40:13 GMT
    The third cookbook from Food Network superstars Pat and Gina Neely brings us back to the basics of good ol' southern family cooking
    The third cookbook from Food Network superstars Pat and Gina Neely brings us back to the basics of good ol' southern family cooking
Powered by WorldNow

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 | Terms of Service | Ad Choices