The times they are a changin’ for taxes in the United States if legislation doesn’t change things soon. Most americans are unaware of their taxes will be reshaped by the impending “fiscal cliff.”
The phrase that is being tossed around in the media is “falling off the fiscal cliff” or “taxmageddon”, and both are fairly accurate as to the repercussions.
Understanding exactly what is going to happen if we fall of the fiscal cliff is critical to your personal finances for 2013, so we’re going to break down some of the big points for you.
Repercussions of Falling Off the Fiscal Cliff
This list is pretty terrifying unless you enjoy paying higher taxes.