Fiscal Cliff Tax Hikes , less money in your pocket and a disaster for business and jobs
Here are some comments collected from around the web about the possibilities from a negative outcome to the fiscal situation in the USA. America is facing tough times and even if this is sorted out, it is only a short term financial solution. Most economist agree that the economical situation will not be solved just delayed until a new stop gap measure is created. The facts are the US is in debt and this needs to be paid, if not what is the solution?
30 million Americans will be damaged in some way..the reality is, all will suffer.
Your Income Tax Rates Will Go Up The expiration of the Bush-era tax cuts on Dec. 31 means nearly every American taxpayer will see their rates go up to levels of almost a decade ago
Paychecks Will Be Smaller after the Social Security payroll tax holiday expires on Dec. 31, raising the rate from 4.2 to 6.2 percent.
You Cannot Collect Extended Unemployment and this will have a disastrous effect on business, incomes, support structures, charities and more…
The cost of goods will be rising, a gallon of milk could double to $6…so once again your money will buy you less.
The child tax credit will be reduced…Your children Will Cost You More Money and your income will buy you less.
How to find a job?…A New Job Will Be More Difficult to find, employment opportunities will decrease, careers will be difficult to find.Job creation and the chance to work , even finding job vacancies will be difficult.
Stock markets and your shares could crash leaving you short and a more difficult future on the horizon…this in itself will affect jobs, businesses and financial systems worldwide.
Medicare,..It Will Be Harder To Find A Doctor to help you, if it was not difficult enough already and the cost will soar for many.
Obamacare…High Earners Will Pay New Taxes to pay for this, leaving them less money and putting their finances under threat. Money will be spent on basic requirements and businesses will then suffer from the lack of cash and dollars in the market place.
US President Barack Obama has used a last-ditch White House meeting to urge Congress to back an interim plan to avoid the “fiscal cliff”, reports say.
He reportedly asked Republican and Democratic leaders to back tax cuts for those earning under $250,000.
They have only four days to reach an agreement before across-the-board tax rises and spending cuts take effect.
Analysts say sliding over the “cliff” could tip the US into recession and set back the global economic recovery.
Why does it matter?
Analysts paint a grim picture of the US economy, The situation is so bad it could make the Euro zone crisis seem insignificant.
“The US fiscal cliff represents the single biggest near-term threat to a global economic recovery,” the Fitch ratings agency said recently.
“The dramatic fiscal tightening implied by the fiscal cliff could tip the US and possibly the global economy into recession
Global growth rates will halve in 2013 is the latest prediction
The IMF warns that job creation and peoples money will be trashed.Growth rates could drop by 4% and thus effect the markets and growth of all other countries around the world
How will people in the US suffer?
Money losses… $550,000,000,000 will be sucked out of the economy. Imagine how the markets will deal with this money loss and how many jobs will be lost. Your local businesses and local areas, your community, family, children…..
The average yearly tax bill for each American would rise by $3,500 on average. Can the average American deal with losing $300 a month and the knock on consequences are huge
The super-rich face a tax rise of $121,000 approx a year.
Lowest earners will see an increase of about $420
For the middle income earners which is the largest proportion of the Us economy the average rise will be around $2,000.
If things go wrong , we are a small business that will do its part in helping reduce the costs to business…let’s all hope the short term problem is fixed as at the end of the day it is the people that will suffer
- Fiscal news,USA,market worries, jobs,tax&future..Zynkin reports (zynkinnews.com)
- How the ‘fiscal cliff’ could impact RI (wpri.com)
- Reid: ‘Fiscal cliff’ deal unlikely (familysurvivalprotocol.com)
- Fiscal cliff will affect paychecks (kshb.com)
- US ‘heading over fiscal cliff’ (bbc.co.uk)
- “Fiscal Cliff”: These is no Drop Dead Date and more thoughts (calculatedriskblog.com)
- What Happens If There’s No Fiscal Cliff Compromise (on.aol.com)