Cliff Notes: Can America Avert Another Economic Crisis?

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  • Plan Big Fail
  • How Large Would the Tax Increases Be?
  • What Does This Mean to My Wallet?
  • Will Other Taxes Rise?
  • What Kinds of Spending Cuts Will Be Made?
  • How Will Cuts Impact Entitlement Programs?
  • Are Any Programs Exempt From Automatic Cuts?
  • What Will Be the Impact on the Economy?
  • Why Won't Lawmakers Just Make a Deal?
  • What Happens If There's No Deal by Dec. 31?
  • Blame Game
  • What Is a Fiscal Cliff?
  • How Did We Get Here?
  • The Sit Down
  • Stalemate
  • Home Alone
  • Times a' Ticking

What Does This Mean to My Wallet?

According to an analysis by the Tax Policy Center, households earning an average income of $11,239, $29,204, $49,842 and $80,080 will see their taxes increase by $412, $1,231, $1984 and $3,540, respectively. In addition, Obama's temporary payroll tax cut also will end, which has been especially helpful for the working poor who don't earn enough to pay income taxes and therefore haven't benefitted from the cuts everyone else got.

(Photo: Getty Images)

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