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Tax increases, spending and benefit cuts, reducing tax deductions – those are all on the table as Washington looks for a deal to avoid the “fiscal cliff.”
So what would the different options mean for most Americans?
Wealthy investors are already taking steps to shield themselves from the possibility of higher taxes, but what are middle and lower income Americans facing?
“There’s a big question about what’s going to happen to the payroll tax, and that was a tax deduction that averaged a couple of thousand dollars,” Howard Gleckman of the non-partisan Tax Policy Center told Here & Now’s Robin Young. “It’s going to be a significant tax increase for just about everybody who works… Changes in these deductions, these other things, are going to be dwarfed by what happens to the payroll tax.”