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- POLITICS
- Updated November 21, 2012, 11:59 a.m. ET
Most Households Face 'Fiscal Cliff'
Lower-Income People in Particular Would See Steep Tax Increases if Washington Can't End Budget Dilemma by Year-End
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Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, use the Order Reprints tool at the bottom of any article or visit www.djreprints.com
See a sample reprint in PDF format. Order a reprint of this article now -
- POLITICS
- Updated November 21, 2012, 11:59 a.m. ET
Most Households Face 'Fiscal Cliff'
Lower-Income People in Particular Would See Steep Tax Increases if Washington Can't End Budget Dilemma by Year-End
Copyright 2012 Dow Jones & Company, Inc. All Rights Reserved
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Most Households Face 'Fiscal Cliff'
BY JOHN D. MCKINNON, KRISTINA PETERSON AND JOSH MITCHELL
Almost all American households would take a financial blow next year—and low-income families would be among the hardest hit—if the White House and Congress fail to solve the "fiscal cliff" of big tax increases and spending cuts set to start Jan 2.
A married couple making between $20,000 and $30,000 a year would go from receiving, on average, a $15 tax credit to owing $1,408, according to research by the Tax Policy Center, a joint venture of the Brookings Institution and the Urban Institute.
These taxpayers would be part of the roughly 90% of American households that the Tax Policy ...
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