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Tax Hike Would Impact Consumer Economy

November 30th

Faced with the pending tax hikes next year, Americans could see an increase in their tax debt liability of upto $5,700 annually. This means overall, Americans would spend nearly $200 billion less on consumer goods than they otherwise would have in 2013, according to President Obama’s team of economists.

Tax Breaks Fiscal Cliff

This reduction of $200 billion is about four times the total amount that 226 million shoppers spent on Black Friday weekend this year. The growth of real consumer spending could dip by 1.7 percentage points in 2013, according to the National Economic Council and a report released this week by the White House.

The spending reductions and tax debt increases are known as the “fiscal cliff “, an economic phrase coined in Washington.  The report indicates if middle-class tax rates are allowed to expire this would add an additional speed bump to the economic recovery.  Congress has to the end of the year to settle the 2013 tax breaks.

The report primarily focused on the impact of Bush-era tax cuts and deductions expiring for middle-income Americans who make less than $250,000 per year. If you think you will owe more than expected for your 2012 taxes, consult with a qualified tax debt attorney before end of the year to review your repayment options.

 
 
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