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"You're going to have less money to spend in a very difficult economy," says financial planner Ed Butowsky.
"If we do go over the cliff, it means the economy is going to go down pretty sharply," says financial adviser Jordan Goodman.
Already-stretched family budgets will be stretched even more. Numbers from the Tax Policy Center show for those whose taxes do go up, this is the average tax hit families will take, on top of what they already pay in taxes. Below $10,000, they'll pay an average of about $300 more. Those who make between $40,000-$50,000, they'll have to pay an extra $1700. In the next group of wage earners, $50,000-$75,000, they'll have to find an extra $2300 to send to Washington. If you manage to make over $200,000, it will be a big jump up. You'll need to send a check to Uncle Sam for, on average, about $14,000 additional. The highest wage earners, $500,000-$1 million, you'll pay an average of $34,000 more. Over a million, the IRS will want $216,000 additional from you, on top of what you already pay in taxes. Ed Butowsky, a wealth manager, says the money you have left won't go as far, as businesses deal with their own tax hikes.
"You are going to see less money in your paycheck, you're going to see wages up at a slower rate, and you're going to see prices on everything you spend money on go up dramatically," says Butowsky.
The federal government also will have to bite the economic bullet, with $1.2 trillion in spending cuts, over half of that is to the defense budget. Butowsky says families may need to do an austerity calculation before making big purchases. Look at the money you have and the money you will need in the future, and decide if you really need that next big purchase.
Workers at a Washington, D.C. Starbucks are pushing for a solution to the fiscal cliff. They are writing "Come Together" on every coffee cup sold. Executives from the coffee chain say the message is simple: Stop standing idly by as no progress is made.
An agreement preventing the country from falling off the fiscal cliff could be made at any time. You can catch any overnight developments on TENNESSEE MORNINGS starting at 5am. We also have a fiscal cliff clock on our website, Fox17.com.
Wednesday, December 26 2012, 10:11 PM CST
Body found in Percy Priest Lake
May 25, 2013 20:14 GMT
SMYRNA, Tenn. (AP) -- Authorities say a body has been found in Percy Priest Lake in Middle Tennessee.
WSMV-TV (http://bit.ly/16gYKys) reports officials with Metro Police, the Office of Emergency Management and Tennessee Wildlife Resources Agency were at the scene Saturday at Hole In The Wall Island. The body was reported to authorities about 11 a.m.
TWRA officials say they believe the deceased man is a boater who disappeared in the lake two weeks ago.
Police said the agencies coordinated with each other to get a boat in the water and recover the body.
Information from: WSMV-TV, http://www.wsmv.com/
US durable goods orders rise 3.3 percent in April
WASHINGTON (AP) -- U.S. orders for long-lasting manufactured goods rebounded in April, buoyed by more demand for military and civilian aircraft and an increase in business investment.
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Dow Record: Three tales of ups, downs and changes
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By SCOTT MAYEROWITZ
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