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Fiscal Cliff: Do the Tax Hikes Worry You?

As Washington works to head off the so-called fiscal cliff, we’d like to hear from you on how the possible tax hikes would impact your family right here in Tampa Bay.

With New Year’s just around the corner, all eyes are turning to Washington, D.C., where lawmakers are working to prevent America from falling off the so-called fiscal cliff.

That cliff, according to the Huffington Post, is the automatic activation of budget cuts and tax hikes that will kick in on Jan. 1, 2013, if something isn’t done to prevent them.

As it stands right now, no agreement has been reached between the Democrats and Republicans to prevent the financial changes from occurring. Some economists say the budget cuts and tax hikes will catapult America back into another recession.

President Barack Obama is cutting his holiday vacation short, according to the Post, and is returning to Washington to try and work out a deal. Republicans and Democrats cannot agree on a solution.

Of particular concern to many is the potential for middle class families – those that earn less than $250,000 a year – to see significant tax hikes on Jan. 1. The White House estimates the average increase on families at $1,600 a year. The hikes are anticipated to hit about 114 million middle class families.

What do you think about the potential tax hikes, Tampa Bay? How would an extra $1,600 out of your paycheck impact your family? Would you have to cut things out of your budget? How would you resolve the issue if you were a Washington lawmaker? Share your thoughts, concerns and ideas in the comments section.

michael mirra December 30, 2012 at 10:43 PM
Republicans are always anti Tax. Then if they don't have the government services that THEY think are important, they complain. Republicans don't want to help those in need. My Father -Salvatore Mirra- used to imitate Republicans by saying, "..how can you be hungery? My belly is full." The true Republican motto should be I'M NOT MY BROTHER'S KEEPER. While the Democratic motto should be AMERICANS DON'T LEAVE THEIR NEEDY TO TWIST IN THE WIND. Republicans don't want the $ people to help the downtrodden. Remember who said, "what you do to the least of mine, you do unto me."? The fiscal cliff is just the Republicans fighting for the interest of the ultra rich. What else is new? In Farenhight 911, there is a filmed scene of GeorgeW Bush speaking to a room of multi billionairs. He says, "people call you the rich & powerful, I just call you my base."
Barbara Shannon December 31, 2012 at 12:11 AM
As Mark Twain once said: "Suppose you were an idiot. And suppose you were a member of Congress. But I repeat myself."
Goin' Commando December 31, 2012 at 01:06 AM
“Are there no prisons? . . .And the Union workhouses?” demanded Scrooge . . .”Are they still in operation? . . . The Treadmill and the Poor Law are in full vigor, then?” . . . “Oh! I was afraid, from what you said at first, that something had occurred to stop them in their useful course,” . . . those who are badly off must go there.” If they would rather die, then let them, and reduce the surplus population.
-Ed Harris- December 31, 2012 at 02:57 AM
Someone needs to find the reset button for Congress! Oh yeah that's right, it's a voting booth in 2014! You will all have a chance to send home Congressmen that would rather protect the rich then help the middle class and the poor. That goes for Democrats and Republicans! There is nothing wrong with being in either party as long as you are moderate and think of others before yourself, know how to compromise and check your individual religion at the door. You represent the American people not red or blue, not christian or Jew but all the people. The swinging to the right or left days are over. All of Congress is the minority and all of us are the majority. We want fair taxes, fair programs, smallest govt needed to do the job properly, fair regulations, smallest military needed to do the job properly but strong and most of all LOSE THE STUPIDITY AND LACK OF COMPROMISE! We hired you and we can fire you just as quick. If anything was learned from this last election it's that none of you are safe and all the money you can raise from the rich whether conservative or liberal does not matter to us. Run all the ads you want, we will run you out of office on election day!
michael mirra December 31, 2012 at 12:22 PM
The voting booth is the answer. The Republicans are bending over backwards to solidify their image with their base. The only reason that the negotiations are going nowhere is because they want to show the rich capitalists that they won't abandon them. The Democrats are weak & the Republicans are stubborn. Most people realize that if the common man suffers due to this stubborn attitude that they will be screwed in benifits to the unemployed, etc. due to Republicans that have fought everything since their idiocy has been removed from major power. I heard on the radio the other day that the Republicans in Congress have an approval rating of 11%. Kadafi had an approval od 14% among the people that killed him. It amazes me that the Republicans are destroying their party & can't see it. They really thought Romney would win, when it was obvious that he had no chance at all. Republicanism is dead, but we do need another party. One party government isn't good. If Republicanism rises again with someone like Ron Paul, at the head, they may have a chance to survive. I still prefer the Democrats view of fighting for the common man against the intersts of the rich that want to screw the common man for their financal gain.

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