Diving off the Fiscal Cliff

Will it hurt? ā¢ If youāre low-income or elderly: No, it won't hurt. If you donāt pay taxes your taxes canāt go up. ā¢ If you rely on dividend income. Yes, it's going to hurt. Taxes on dividend income will go up at a much higher proportion than other tax rates. Look out below. ā¢ If youāre a full-time student. No pain. The fiscal cliff is not something youāll be pushed off ofā¦.yet. ā¢ If youāve been collecting unemployment for more than 26 weeks. Yes, ouch. Your program just expired. ā¢ If youāre employed. Yes, get ready for the bleeding. Higher taxes coming your way. And the payroll tax holiday is officially ending. ā¢ If youāre employed by the government. Yes, you too. Those sequestration provisions are set to kick in. Translated into dollars this will mean $1.2 trillion in cuts to budgets over 10 years. ā¢ But have no fearāour elected officials will be back at the table in January figuring out how to create ātax-cutsā while somehow paying for the ever-increasing s...