Across the board spending cuts will take place come January first if no agreement is made cutting funding from our military, the FBI, air traffic controllers and medical research. But it's the tax increases which will impact your pocket book the most.
According to Congressman Mac Thornberry, "All tax rates go up as well as some new taxes go in thanks to the obama care bill on medical devices. And other new taxes start and so you add all these together and it's going to be a lot more money out of our pockets and it's going to do harm to the economy."
According to the Tax Policy Center, the fiscal cliff would affect 88% of US taxpayers impacting many of us here in Texoma.
On average, people can expect to see 3500 dollars in tax increases. But, that's not the only way going over the fiscal cliff would impact your budget.
Bob Hampton, Wichita County Treasurer told us, "Once we do go over the cliff, prices will rise and how that shakes out is going to be pretty challenging because we really don't know all that is involved."
County officials also aren't sure if the fiscal cliff wll affect the budget here. If the amount of dollars that come into the county from the federal government changes, adjustments would need to be made to the budget.
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