“Fiscal Cliff ” Or Taxmageddon? Tax Hikes Take Further Toll On America’s Middle Class, Video
By Josey Wales
Saturday, November 10, 2012
Brenda, “I use cheaper cuts of meat, or I buy stuff when it’s on sale, or I buy in bulk,” she said. “You have to really be on your toes and be aware of how much you’re spending.”
She wonders how retirees on Social Security are surviving, but concludes, “Working families are not much better off.”
The budget squeeze Brenda describes is common to millions of American families trying to earn and save enough to pay for the necessities of life.
Yet unless Congress and the White House can agree by year’s end on an extension of tax cuts that have been in place for most of the past decade, workers will see an increase in the taxes taken out of their paychecks next year and a loss in the amount they claim for deductions when it comes time to pay their 2013 taxes.