90.9 WBUR - Boston's NPR news station
Top Stories:
PLEDGE NOW
Here and Now with Robin Young
Public radio's live
midday news program
With sponsorship from
Mathworks - Accelerating the pace of engineering and science
Accelerating the pace
of engineering and science
Tuesday, November 20, 2012

A Fiscal Cliff Fix: What It Means For Your Wallet

(Wilfredo Lee/AP)

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.”

Do you have questions about how tax hikes would affect you or your investments? Click here to send us your questions ahead of our conversation with an investment counselor.

Guest:


Please follow our community rules when engaging in comment discussion on this site.
Robin and Jeremy

Robin Young and Jeremy Hobson host Here & Now, a live two-hour production of NPR and WBUR Boston.

October 21 Comment

Jim Gaffigan’s Love Affair With Food

The stand-up comic gives his particular gastronomic take on the world in his new memoir "Food: A Love Story."

October 21 Comment

Jill Abramson Announces Plans For News Startup

The former New York Times executive editor said her goal is to create a news outlet that favors quality over quantity.

October 20 Comment

Alternate Routes: Lasting Impressions From The Road

Our digital and social media producer Rachel Rohr is back from a month-long trip cross-country, talking with young Americans.

October 20 Comment

Mario Batali Goes Farm To Table

The chef and restaurateur discusses the "farm to table" trend and shares recipes with a hearty and rustic twist.