Fiscal Cliff" Will Cost Average American $3,500, Report Says

Tuesday, Oct. 2, 2012

If Congress and the president let the U.S. fall off a "fiscal cliff" of tax increases at the end of the year, it will cost the average American $3,500, according to a report from the nonpartisan Tax Policy Center. Nearly 90% of Americans' taxes will go up after existing cuts and exemptions expire, the report says. For information on managing money, visit the AICPA's 360 Degrees of Financial Literacy website.

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