What Will Happen to Taxes Now?

If Congress doesn't act in the next eight weeks, most Americans face a tax increase next year.

What Will Happen to Taxes Now? Photo (cc) by John-Morgan

The election is over – now the real deal-making begins. And it could have major tax implications, CBS News reports

House Speaker John Boehner, R-Ohio, said that a lame duck Congress “probably shouldn’t do big things,” but “the best you can hope for is a bridge.” That bridge may mean a short-term [Bush tax cut] extension, which would allow newly-elected lawmakers and President Barack Obama to hash out a deal. If they don’t, it’s estimated that 80 percent of Americans would see some form of tax increase next year. The Tax Policy Center estimated that a typical U.S. household would face an average of a $3,700 jump in taxes.

It’s all part of that fiscal cliff you’ve probably been hearing about. Check out the CBS News link for more on what it would mean for taxpayers at different income levels, and the links below for more details.

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