Nearly 90 percent of Americans would face higher taxes next year if Congress permits the nation to hurtle over the “fiscal cliff,” the year-end precipice of tax hikes and spending cuts that threatens to throw the nation back into recession.
A study published Monday by the nonpartisan Tax Policy Center finds that taxes would go up by a collective $536 billion next year, or about $3,500 per household, reducing after-tax income by about 6.2 percent.
Source: Washington Post. Read full article. (link)