The fiscal cliff affects individuals, families, high income earners, recent college graduates and people from all walks of life. We have a breakdown on how much of an impact the fiscal cliff could be for you if we fall off.
According to the National Journal and Tax Policy Center, if you're a banker making around $1 million dollars a year, you could get a tax increase of $120,000. Say you're an oncologist making $350,000 a year and you're married with two kids who attend a private school. You're looking at a possible $14,000 tax increase.
A teacher who makes around $65,000 a year with a mortgaged home and two kids should see taxes go up $3,500. Child tax credits would also be reduced. Recent college graduates making about $30,000 a year could see their taxes rise $1,200. People who are retired could also expect to see cuts to their entitlement programs.
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To calculate how the fiscal cliff affects you personally, use the fiscal cliff calculator here.