Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
ThinkAdvisor

Life Health > Life Insurance

Why the fiscal cliff may cost you $6,000 in 2013

X
Your article was successfully shared with the contacts you provided.

If the country goes over the fiscal cliff, the impact would be borne most heavily by the wealthy. But the average middle class family could take a steep hit as well. Take for, instance, a family making $82,000 a year with four children. Both spouses work. Due to a combination of expiring tax cuts, that family would pay an extra $530 a month in taxes, or more than $6,000 a year.