'Fiscal cliff' would raise taxes on 90% of Americans

A new study released by the Tax Policy Center on Monday shows that 90 percent of Americans would face a tax hike if Congress allows a slate of tax increases and spending cuts to go into effect at the end of the year. Known as the "fiscal cliff," the deadline is the product of a bipartisan agreement in 2011 to raise the debt ceiling. The Tax Policy Center says the average household would pay an additional $3,500 in taxes if Congress fails to act, with a disproportionate burden falling on poorer families. While both Democrats and Republicans have warned that going off the fiscal cliff would imperil the economic recovery, it's widely expected that neither side will begin addressing the issue until after the presidential election.



Subscribe to the Week