BOSTON (CBS) – Experts say the average middle-class family stands to take a tax-hike hit of more than $2,000 if we go over the fiscal cliff.
And in new taxes set to kick in under the Federal Health Care Law and looming Beacon Hill action on tax increases to pay for public transportation, 2013 is shaping up as an expensive year, to say the least.
Sen. Harry Reid said the American people are waiting for the ball to drop, but it’s not going to be a good drop because Americans’ taxes are approaching the wrong direction.
President Barack Obama returned to Washington Thursday and some senators, including Sen. Scott Brown, were told to come to Washington to vote on a new plan from the president. The White House says no such plan exists.
Reid says the U.S. appears certain to go off the cliff and the House needs to act first.
But Speaker John Boehner’s team says the Senate needs to take the first step.
He will call the House back into session on Sunday.
A tax-hike nightmare awaits us if Washington fails to act with income, capital gains, dividend and inheritance taxes just a few of the levies set to go up next week.
The eleventh hour beltway bickering and posturing belies the fact that a moderate compromise could keep us out of recession.