Locals Weigh In On Looming Fiscal Cliff
By: Alexandra Sutter WMBD/WYZZ
Updated: December 6, 2012
PEORIA -- Time is running out for lawmakers to reach an agreement on the looming fiscal cliff. So what does that mean for you?
It doesn't matter who you are. The Fiscal Cliff will affect all of us, if Congress doesn't take action.
Peoria Resident John Pula said, "I think it'll affect everybody, whether you're low income, high income, middle income."
If you make an annual income between $64,000 to $108,000, your taxes could increase by $3,500.
If you make between $40,000 and $65,000, you're looking at a $2,000 tax increase.
Using an online calculator (http://interactive.taxfoundation.org/taxcalc/#calculator) you can find out exactly what you stand to lose. For example, say you bring in $35,000 a year, you have two kids and you're married. If no deal is reached, you would jump from paying about $400 to more than $2,000.
So how are families supposed to make that money up?
East Peoria resident Elaine Kasky said, "You don't make that up. You work more hours. You spend more time trying to find other ways to conserve your money and not invest in helping St. Jude's or giving to the community in other ways."
The government spending cuts are set to expire on Dec. 31. Without a compromise on taxes, hard earned dollars are at stake.
Student and Peoria resident Chris Cwirla said, "That's a few months rent, food on my table, it's a lot."
People said it doesn't matter how much money you make. They hope lawmakers will be held accountable and they'll put people first.
Kasky said, "They should just get over it and get to work and for everybody, for older people, for the middle class, for the younger people."
Peoria resident Steve Igoe said, "As we look to 2013, a lot of people are unemployed right now, and hopefully the politicians can reach across the aisle and work together on this."
Peoria resident John Nixon said, "Work through with a degree of compromise that was occurring in the 50s, 60s, and 70s. It's not happening."
