“BUSINESS WEEK” – Approximately 88% of American households will see a tax increase if this so called “fiscal cliff” is not averted by Congress by December 31, 2012. The payroll tax change would reduce paychecks immediately in January. The average tax increase would be $3,446 and the top 1% of households would see the largest tax increases with their after-tax incomes falling by 10.5% or $120,537. A typical middle-income household earning between $40,000 and $60,000 a year would see a tax increase of about $2,000. The average federal tax rate, including all taxes, would reach 24.3%, up 5%. Congress is scheduled to return to Washington to debate the automatic spending cuts and tax increases that will start in January, unless lawmakers act. For the calendar year of 2013, taxes would increase by $536 billion, or about 20%.
Well, now that the election is over we have a better idea of where the country may be heading knowing who will be leading us. Deb has been researching the archives looking for recent legislation and how it may affect us in the near future. I have been on the phone talking to some friends that may have some insight as to what Washington may be doing moving forward. We will be discussing at length the results of our findings at our Private Investor Education Event coming up. Please check out the Wall Street Journal video attached to give you an idea of what we have before us. For those of you that are unable to attend our Private Investor Education Event, and need the additional coaching, please give our office a call. We will get you coached up!
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