Do you know what the Fiscal Cliff is? - WSFA.com Montgomery Alabama news.

Do you know what the Fiscal Cliff is?

COLUMBUS, GA (WTVM) -

Less money in our pockets sounds bad, especially during the holiday season.  With the Fiscal Cliff and threat of higher taxes looming, it's enough to make anyone clinch their wallets or their hearts.

Most people we spoke to had no idea what the Fiscal Cliff is and how it could impact them.

For weeks, the Democrats and Republicans battled over who to tax more or less; plus spending cuts to federal programs, including the military.

If Congress can't come up with a plan by December 31st the average family will see their taxes increase by thousands.

"I feel that makes it harder on a lower income family especially if we're struggling now with the jobs that we have," construction worker Jose Seijo said.

Consider a family of three like the Seijo family.  Using a "Fiscal Cliff calculator", if their family makes $60,000 a year and files jointly, they'll pay over $2000 more if there's no deal by the end of December.

"I think they should make it easier on us. We pay taxes on everything. We work hard for the money we get we don't need more taken away from us," Seijo said.

The "Fiscal Cliff" is simply the end of a tax and spending era, specifically the laws that Presidents Bush and Obama have implemented.

 Fiscal cliff calculators:

Copyright 2012 WTVM. All rights reserved.

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