Another Look At The Fiscal Cliff(s)

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(KPLR) – Rick Bagy is the president of First National Bank of St. Louis. He talked about how the Fiscal Cliff is actually more than one cliff. It is:

  • A combination of tax increases and spending cuts slated to go into effect in January.
  • Bush-era tax cuts are set to expire. More than $1 worth of budget cuts and payroll tax cuts will expire, as will a deferment of payment cuts to Medicare physicians.
  • The average household could see an increase of $3,500 in taxes, unless households making over $250,000 get tax increases.