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That's just it, say goodbye to all middle class vacations next year and a steep drop in discretionary spending.. and even upper middle class.
It's gonna be bad, with just the payroll tax cuts.. Everyone's gonna wake up Jan. 1st and notice they are short $50-$150 per paycheck. That's not even factoring in bush tax hikes.
Goran_K
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2012 Oct 1, 7:23am
A wise man once said, "All civilizations come to an end in grim and macabre ways."
Incredibly the Social Security cuts are not even being mentioned to be extended. It is pretty much a done deal. Say goodbye to 120 Billion in disposable income.
There wasn't much talk about extending in 2011 either leading up the actual extension. This year nothing will get done until post-election.. And then it will be a mad rush to quickly extend everything for 3 months until after Christmas. Unless Obama or Romney, whoever is elected, want another recession/depression they've got to extend a good chunk of the cuts.
bubblesitter
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2012 Oct 1, 8:12am
A wise man once said, "All civilizations come to an end in grim and macabre ways."
Like Roman Empire. But wait,we are the USA. It is different here. We are above laws of economics.
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WASHINGTON (AP) — A typical middle-income family making $40,000 to $64,000 a year could see its taxes go up by $2,000 next year if lawmakers fail to renew a lengthy roster of tax cuts set to expire at the end of the year, according to a new report Monday
Taxpayers across the income spectrum would be hit with large tax hikes, the Tax Policy Center said in its study, with households in the top 1 percent income range seeing an average tax increase of more than $120,000, while a family making between $110,000 to $140,000 could see a tax hike in the $6,000 range.
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http://news.yahoo.com/huge-tax-increase-looms-end-fiscal-cliff-155135586--finance.html
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I'll be the first to admit.. If most of these tax cuts for the middle class aren't extended... A housing market double dip is imminent, as well as a 2nd depression. Your talking about $2000-$6000 after tax income disappearing. That kind of household income loss isn't going to be pretty for our economy.
#housing