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What the Fiscal Cliff Deal Means To You

46 views · Published 4 January 2013 · 4:06 · Indexed 24 October 2026

Channel: WTVC NewsChannel 9 · 2013 · News & Politics

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By Drew Bollea�  You're going to need a pen and paper to keep up with how the fiscal cliff deal impacts you. There are many provisions and most of them are tied to income and family size. I supported the bill, said Sen. Bob Corker(R-TN), I was livid over many of the provisions.Sen. Corker says he did what he felt was best for the country at this moment, but wanted to see the debt ceiling and spending cuts addressed. We were able to get the tax issue behind us and now move to the entitlement reforms that need to happen, said Corker.So here's what the tax issue includes. For all wage earners, your taxes will still go up. A two year old social security tax break expired, so your federal income tax will increase by 2 percent.For example, a person making 0,000 to 0,000�  a year will pay an average of 45 more in taxes.. and so on.For those making more than 00,000, your rates will increase by 4.6 percent or about 8,000. The bill also includes extensions for long term unemployment for another year. A ,000 tax credit for each child in a low income family.There are also credits for married couples filing jointly,and students attending college. According to Corker,�

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