What is the fiscal cliff? - FOX 32 News Chicago

What is the fiscal cliff?

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ATLANTA -

What is the fiscal cliff and what does it mean for you? Owen Malcolm from United Capital stopped by Good Day Atlanta on Monday to spell out how it could affect consumers, investors and the nation.

Information: If the fiscal cliff is reached...

For a family making $60,000 a year, the federal tax rate jumps from 14 percent to 17.8 percent. Taxes could increase by $2,000, payroll taxes increase by 2 percent and the child tax credit drops to $500 maximum per child.

For the nation, it could cause a recession, and the US economy could shrink. It may mean fewer jobs, taxes go up and the economy goes down.

For investors, most Americans will pay more taxes; new taxes related to the Affordable Care Act; changes in the Alternative Minimum Tax and estate taxes will go up for some.

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