(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.