The “average” American is probably hearing all this chatter about the Fiscal Cliff and still trying to understand what it really means. Well ABC News created a wonderful little infographic to try and simplify the Fiscal Cliff for many of us…well, in all honesty I was just more confused. So, let me sum it up for you in 3 easy points:
- The Fiscal Cliff is a combination of tax brakes and budget cuts set to expire on Jan 2, 2013.
- If we go over the “Cliff” American tax payers, on average, would pay $3,500 more in taxes per household.
- These increases would lower the country’s deficit, considerably, but would also weaken the U.S. economy.