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How Will the Fiscal Cliff Deal Impact You?

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Description
FBN’s Gerri Willis on the impact of the fiscal cliff deal on Americans.
Duration 1:50
Date Jan 3, 2013

This transcript is automatically generated

Are you trying to figure out how the fiscal -- legislation is going to impact -- I -- too.

Well may -- went to the -- web -- for guidance here's what they had to say.

The IRS is currently reviewing the the -- S will soon make available additional deet -- Interpretation.

We don't know yet either.

Now my guesses.

There are a lot of you out there who look to the coverage of the lines -- I don't have to worry about this because I don't make 450000.

Dollars.

That of course is level which Democrats say you -- rich should pay higher taxes.

Well my friend I'm here to tell you that it doesn't matter you may well pay more anyway.

Yesterday we talked about the increase in payroll taxes -- is going to hit you and hit you hard.

No matter how much you make.

Then there's this -- lot will cut the value personal exemptions and itemized deductions break she probably even don't even think about.

Like mortgage interest state income tax payments charitable deductions.

The limit on those deductions -- it twice as many people as the income tax change.

If -- in 250000.

Dollars as a single person or 300000 dollars as a married couple or more you're gonna face these new limits.

This is not could be chump change either it would bring in a 150 billion dollars over the next decade.

So you see any -- President Obama really didn't get his tax increase on the success will among us who make more than 250000.

Dollars.

He just didn't know about it because nobody told you.

I guess it's a good thing I made my charitable deductions at 11:50 PM New Year's Eve.

Right before the ball dropped.