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Can someone smart explain something for me?

Posted by on Dec. 31, 2012 at 1:58 PM
  • 50 Replies

I have read what I can about the Fiscal Cliff. However i can barely find anything in laymen's terms to help me understand what exactly this all means.

Lilypie Breastfeeding tickers

by on Dec. 31, 2012 at 1:58 PM
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Replies (1-10):
Grumpylilpixy
by on Dec. 31, 2012 at 1:59 PM

Harder times are ahead.

Anonymous
by Anonymous 1 on Dec. 31, 2012 at 1:59 PM
Bumps for laymen's terms
Anonymous
by Anonymous 2 on Dec. 31, 2012 at 1:59 PM
1 mom liked this

It's an end to a lot of tax credits that affect ALL classes, from poor to rich. It means the average middle class family will be paying several thousands more in taxes starting tomorrow, if an agreement is not reached.

JDmommyJD
by the sauce is boss on Dec. 31, 2012 at 2:02 PM
1 mom liked this
It means tax credits will be gone (not all, but a lot..) This includes eic and the child tax credit. Everyone will pay alot more, or get significantly less back-if any.
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momo3fgr8tteens
by Ruby Member on Dec. 31, 2012 at 2:02 PM
1 mom liked this

Certain tax cuts that existed previously will no longer exist meaning we will all pay higher taxes and the that will be passed on to us as consumers in many areas as well. For those owning a business they will pay higher payroll taxes as well leaving them less revenue to employ others. 

LilliesValley
by on Dec. 31, 2012 at 2:05 PM

It means that the people we put in the government can't agree on anything. There are a whole bunch of tax laws that are going to expire tonight. If they don't decide on fixing it then everyone's taxes go up. Child tax credit goes down, your weekly amount taken out of your check goes up, there are other things besides the child tax credit, but that's the big one for us. People who are married also get hit, you have the "marriage penalty" where more is taken out because you are married. It just sucks. These people shouldn't be elected again. That's as non-political of an answer as I can give.

Anonymous
by Anonymous 3 on Dec. 31, 2012 at 2:08 PM
3 moms liked this
Basically if you don't qualify for welfare you're fucked.
LilliesValley
by on Dec. 31, 2012 at 2:08 PM
1 mom liked this

Oh, and because of this, there could be another recession, because businesses are paying more taxes and passing on to consumers. Consumers have less money in their pay checks to spend. It could get really bad again. And for us poor folks who are already in that really bad spot it's going to get worse. I know a lot of unemployment benefits end today too, but that doesn't effect me. The higher taxes will though.

WhitleyLyles
by on Dec. 31, 2012 at 2:14 PM

well honestly all of these answers sound terrifying

Anonymous
by Anonymous 4 on Dec. 31, 2012 at 2:17 PM
2 moms liked this

i think it has something to do with base jumping, but dont quote me on that.

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