What is the 'fiscal cliff?'
Published On: Nov 09 2012 08:50:09 AM PST
Updated On: Dec 31 2012 05:28:08 AM PST
Confused by all this talk of a "fiscal cliff" and what it means to you? As lawmakers in Washington try to beat tonight's deadline, here are some answers.
Kevin Lamarque/Reuters
How much would all of this cost me? -- If your household makes a typical salary -- say, $50,000 -- you should expect to pay $2,000 more in taxes next year. If your household makes an atypical salary -- say, $500,000 -- you should expect to take a $50,000 hit. The richer you are, the bigger the hit you face as a share of income.
