Wednesday, March 12 2014 11:55 AM EDT2014-03-12 15:55:31 GMT
(RNN) - According to NBC New York, an explosion and building collapse has occurred in an apartment building in Manhattan. No immediate information was reported on injuries. According to NBC, the FDNY respondedMore >>
Two people have died and 16 more are injured after a building collapsed in Manhattan on Wednesday.More >>
Wednesday, March 12 2014 11:42 AM EDT2014-03-12 15:42:51 GMT
Due to WSFA airing Auburn's and Alabama's first round SEC Basketball Tournament games on Wednesday and Thursday, our News at 6:00 p.m. will be available only on our web site and mobile apps.Auburn playsMore >>
Due to WSFA airing Auburn's and Alabama's first round SEC Basketball Tournament games on Wednesday and Thursday, our News at 6:00 p.m. will be available only on our web site and mobile apps.More >>
Wednesday, March 12 2014 11:41 AM EDT2014-03-12 15:41:00 GMT
Wsfa recipe for wed march 22,2014 "A Top of the Morning Breakfast for St. Paddy's Day!" 1 container of Bisquick pancake mix cooked bacon strips green food coloring butter softened powdered sugar Directions: MakeMore >>
WSFA 12 News Alabama Live recipe for Wednesday March 22,2014. "A Top of the Morning Breakfast for St. Paddy's Day!"
Wednesday, March 12 2014 11:34 AM EDT2014-03-12 15:34:10 GMT
Those who knew Vettia Roche say she was a "fighter" who had overcome a number of hardships and had built a new life for herself in Montgomery but things took a tragic turn when she was killed, allegedlyMore >>
Those who knew Vettia Roche say she was a "fighter" who had overcome a number of hardships and had built a new life for herself in Montgomery. But things took a tragic turn when she was killed, allegedly at the hands of two of her coworkers.More >>
More than four days after a Malaysian jetliner went missing en route to Beijing, authorities acknowledged Wednesday they didn't know which direction the plane carrying 239 passengers was heading when it...More >>
Malaysia defended its handling of the hunt for the missing Boeing 777 on Wednesday but acknowledged it is still unsure which direction the plane was headed when it disappeared, highlighting the massive task facing an...More >>
PHOENIX (CBS5) -
Time is running out for Congress and the president to avoid the fiscal cliff.
If lawmakers can't reach an agreement by Jan. 1, an assortment of tax hikes and spending cuts will kick in, that some say will trigger another recession.
John Mathis is a professor of global economics and finance at the Thunderbird Global School of Management.
He told CBS5 that every Arizonan would be impacted by the fiscal cliff.
"That would cause Arizonans to be much more conservative in their spending until some sort of clarity comes forth from what's going to happen to taxes," said Mathis.
As it stands now, if the fiscal cliff's tax increases kick in, the average taxpayer's income tax will go up around $3,500.
If you make less than $20,000 a year you'll pay close to $600 more in taxes.
If you make between $40,000 and $64,000 your taxes go up around $2,000.
If you make more than $108,000, expect to spend more than $13,000 in added taxes.
Also, if the 2 percent payroll tax holiday disappears, someone making $50,000 a year will take home about $83 less per paycheck.
"They probably are not going to change their spending habits, but definitely not going to spend extra," said Mathis. "That negative would cause sales in Arizona to fall and sales tax revenue to fall."
The fiscal cliff's spending cuts would also hit Arizona particularly hard, with billions of dollars slashed from the military.
That would impact Luke Air Force Base and surrounding aerospace and defense businesses.
According to a George Mason University study, that could result in the loss of 35,000 jobs and a $3 billion hit to Arizona's economy.
"We do have a significant dependence on military expenditure," said Mathis. "We have to see how it all plays out."
Head Start programs and subsidized child care would also take a hit if the U.S. hits the fiscal cliff.
Lawmakers are currently scrambling to get a last-minute deal done.
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