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Why Should You Care About the Fiscal Cliff?

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  • Description

    FBN’s Gerri Willis on the potential tax hikes Americans are facing.

  • Duration 2:22
  • Date

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Transcript

This transcript is automatically generated

I always like to give you the straight -- on everything.

And today I'm concerned about the fiscal left.

In just the past few days to very well connected professional money managers have spoken to me.

About their trepidation their clients have about the expiration of the bush tax cuts -- the cutbacks on federal spending.

But it's -- think -- the Smart money is worried and concerned and many years selling as you've seen.

But to read the stories of the press on the fiscal cliff.

What do you think that changes on the horizon just 33 days away well they don't matter much.

In fact you -- sit back and relax.

The fiscal clip is just not that big of a deal.

-- -- -- -- It's unlikely all of these bad things will happen or stay in effect for an extended period of time pilots have been calling put it the fiscal cliff are slump that is instead of a clip.

There's also the rise in support for junking the entire fiscal approach as confusing and renaming it.

The austerity crisis or Bob.

That's it.

According to the US news and world report -- the fiscal -- another name and that would change the entire impact and all of its problems.

The reality though is this -- gonna pay higher taxes.

In all likelihood consider these numbers from the Tax Policy Center.

Middle class -- folks with an income of around 64000.

There -- rate will increase three point 8% are almost 2000 dollars.

Upper middle class folks take a look at this a 108000 dollars and in come family of four may be two people work -- your rate goes up four point 2%.

Or 3500 dollars.

If you make more than half a million watch for a more than 5% hike in taxes.

Or 151000 dollar tax increase.

-- Richie Rich land earners in more than two and a half million dollars you're gonna get a huge bump here -- 8% increasing your rate here's how much more you know -- This is what they call fair and equal to -- all the responsibility.

I'm not so what it looks like Tony.

The mainstream media may say forget it it's not important I'd say take whatever -- he -- this year.

Move those bonuses in any extra pay to calendar 2012.

Wait to sell your stock losers until next year and if you're thinking of getting any money to kids -- -- grand kids.

Do it this year when taxes will be far lower that's what I think.

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