• Fiscal Cliff Will Affect Us in Connecticut

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“Middle income families would have to pay an average of about $2,000 more next year, the nonpartisan Tax Policy Center has calculated. ”Up to 3.4 million jobs would be lost, the Congressional Budget Office estimates. The unemployment rate would reach 9.1 percent from the current 7.9 percent. Stocks could plunge. The nonpartisan CBO estimates the total cost of the cliff in 2013 at $671 billion. ”Collectively, the tax increases would be the steepest to hit Americans in 60 years when measured as a percentage of the economy…. ”Under the fiscal cliff, households in the lowest 20 percent of earners would pay an average of $412 more, the Tax Policy Center calculates. The top 20 percent would pay an average $14,000 more, the top 1 percent $121,000 more. ”All this would lead many consumers to spend less. Anticipating reduced sales and profits, businesses would likely cut jobs. Others would delay hiring.” Source: Waterbury Republican-American And, hey! We voted to return to office all the clowns who created this impending disaster. Nice going!

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