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Are You Impacted By The Fiscal Cliff?

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(Photo Credit: KDKA)

(Photo Credit: KDKA)

Jon Delano Jon Delano
Jon Delano is a familiar face on KDKA-TV, having been the station's...
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PITTSBURGH (KDKA) — At Primanti’s in Market Square, the chef was cooking up sandwiches when President Obama came on the television screen.

No surprise, only a few people paid attention as the President repeated his campaign pledge to extend tax cuts for Americans who earn under a quarter million dollars while asking the wealthy to do a little bit more.

“I’m not going to ask students and seniors and middle class families to pay down the entire deficit while people like me, making over $250,000, aren’t asked to pay a dime more in taxes,” the President stated.

So far, House Republicans say they won’t agree to higher taxes on the wealthy.

The irony is almost everyone’s tax rate will go up in January unless Congress acts to avoid the fiscal cliff.

Here’s a chart from the Joint Committee on Taxation that shows how almost everyone – except those with taxable income between $17,800 and $60,350 will be bumped into a higher tax bracket next year.

Taxable Income
$0 – $17,800:
2012 - 10%
2013 - 15%

$17,800 – $60,350:
2012 - 15%
2013 - 15%

$60,350 – $72,300:
2012 - 15%
2013 - 28%

$72,300 – $145,900:
2012 - 25%
2013 - 28%

$145,900 – $222,300:
2012 - 28%
2013 - 31%

$222,300 – $397,000:
2012 - 33%
2013 - 36%

$397,000-:
2012 - 35%
2013 - 39.6%

The President says he’s ready to keep everyone’s taxes the same except the wealthy, but it will take Republicans to make that happen.

“I’ve got the pen. Ready to sign the bill, right away. I’m ready to do it,” the President said Friday.

Now, we’re really at the very early stages of the negotiation between the President and House Republicans.

So if you feel very strongly at all about what should be in this compromise or whether there should be any compromise at all, now’s a good time to call your member of Congress.

RELATED LINKS:
What’s This Fiscal Cliff Lawmakers Are Talking About? (11/8/12)
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