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Archives for November 2012

Most Households Face ‘Fiscal Cliff’

By: John D. McKinnon, Kristina Peterson and Josh Mitchell Almost all American households would take a financial blow next year—and low-income families would be among the hardest hit—if the White House and Congress fail to solve the "fiscal cliff" of big tax increases and spending cuts set to start Jan 2. A married couple making between $20,000 and $30,000 a year would go from receiving, on average, a $15 tax credit to owing $1,408, according to research by the Tax Policy Center, a joint venture of the Brookings Institution and the Urban Institute. These taxpayers would be part of the…

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