Fiscal Cliff Looms – Here’s What It Could Cost You [AUDIO]
Missoula CPA Walt Kero wonders if the fiscal cliff will be a mild bump, or more like a buffalo jump.
The JCCS Certified Public Accountant has spent a great deal of time studying what the effect of the fiscal cliff will be for his clients and the public in general.
Kero says the first result will be an increase in everyone's tax rate, with the expiration of the Bush-era tax cuts. Next, millions more will be paying the alternative minimum tax, families with many children will face a loss of tax advantages, the military will face massive cuts, and the non-renewal of the farm bill may mean a huge increase in food prices.
So, America, the financial markets, and the world waits to see what will happen in Washington, D.C. this weekend.
CPA Walt Kero