Local experts address 'fiscal cliff' aversion impact - ABC 33/40 - Birmingham News, Weather, Sports

Local experts address 'fiscal cliff' aversion impact

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Experts say the Congress' aversion of the so-called "fiscal cliff" will cause a rippling effect. Greg Powell, president and CEO of fi-plan Partners, says taxes would have been far worse if we had gone over the fiscal cliff.

still, most Americans will see tax increases that affect households at different income levels. According to the Associated Press, a household income of $20,000 to $30,000 will experience an increase of about $300. If the annual income is $100 to $200,000 approximately $1,700. That's just households. There is also an income tax hike on individuals who make more than $400,000 a year.

"If you've got two people who are making more than $375,000, they are better off being single," John Wilson says.

John Wilson is Executive vice president of Borland and Benefield. He says tax increases could also affect small businesses.

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