Local reaction to nation going over so-called fiscal cliff
Mon, 31 Dec 2012 23:52:19 GMT —
Judy Coffer, a retired nurse in West Toledo, is frustrated that Congress was unable to reach a compromise to keep the nation from going over the fiscal cliff. "It's hard for the American people to understand what's going on especially when we are inundated with all this information and it's hard to figure out what's the truth and what isn't," Ms. Coffer said.
David Seeger, President and CEO of Great Lakes Credit Union, says that unless Congress passes an agreement addressing mandatory tax increases and spending cuts the nation will go into recession. "Consumer spending will slow because discretionary income is not going to be there," Mr. Seeger said.
If the Bush era tax cuts are not reinstated salaries between $20,000-$30,000 will be subject to an annual tax hike of $1064. People making between $50,000 and $75,000 will face $2399 in higher taxes.