What Are Your Thoughts on the Fiscal Cliff Bill?
Most workers will still be paying more in taxes, despite the bill passed by Congress that staves off the “fiscal cliff.” That’s because the budget deal, which averts widespread income tax increases, does nothing to stop the Social Security tax increase, which took effect Jan. 1. That means a $1,000 tax increase for someone earning $50,000 a year.
President Barack Obama says now that Congress has averted the “fiscal cliff” it needs to raise the $16.4 trillion federal borrowing limit so the government can keep paying its bills. Obama says that “if Congress refuses to give the United States government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic, far worse than the impact of a fiscal cliff.”