How Much the Fiscal Cliff Could Cost You

What's Hot

Do This or Your iPhone Bill May SkyrocketSave

23 Upgrades Under $50 to Make Your House Look AwesomeAround The House

Trump Worth $10 Billion Less Than If He’d Simply Invested in Index FundsBusiness

11 Places in the World Where You Can Afford to Retire in StyleMore

What You Need to Know for 2017 Obamacare EnrollmentFamily

8 Things Rich People Buy That Make Them Look DumbAround The House

32 of the Highest-Paid American SpeakersMake

Amazon Prime No Longer Pledges Free 2-Day Shipping on All ItemsMore

More Caffeine Means Less Dementia for WomenFamily

9 Tips to Ensure You’ll Have Enough to RetireFamily

5 DIY Ways to Make Your Car Smell GreatCars

30 Awesome Things to Do in RetirementCollege

5 Spots Where Retirees Can Live for Less Than $40,000Real Estate

10 Ways to Pull Together the Down Payment for a HomeCredit & Debt

10 Ways to Reduce Your Homeowner’s Insurance RatesFamily

50 Ways to Make a Fast $50 (or Lots More)Grow

Your tax bill might grow by hundreds next year if Congress doesn't take action in the next few weeks.

We’ve written about the fiscal cliff and what you can do about it. Now a U.S. News and World Report blog points to an analysis by the Tax Policy Center about what might happen to your taxes if Congress doesn’t act…

Here’s the average hike taxpayers would face, broken down by income group:

Lowest fifth of households (average income: $11,239): $412

Second-lowest fifth (average income: $29,204): $1,231

Middle fifth (average income: $49,842): $1,984

Second-highest fifth (average income: $80,080): $3,540

Highest fifth (average income: $178,020): $14,173

Top 1 percent (average income: about $1.3 million): $120,537

Even if Congress does take action, an increase in your taxes is possible – but it might not be this much.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: Taco Bell Is Handing Out Free Food for World Series Stolen Bases

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,709 more deals!