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1 year ago

Fiscal cliff deal brings some relief to California

SACRAMENTO, Calif. (AP) - The deal to avoid the so-called fiscal cliff in Washington will bring a reprieve to California's slowly rebounding economy, but uncertainty remains in part because Congress delayed action on federal spending cuts.

H.D. Palmer, Gov. Jerry Brown's finance spokesman, said Wednesday the agreement helps California avoid sliding back into recession. But economic forecasters say a two-month delay on the so-called sequestration cuts could lead businesses to delay hiring or investments.

One immediate benefit of the New Year's agreement is that about 400,000 jobless Californians will continue receiving extensions of unemployment benefits.

The deal brought a smaller hit to most people's pocketbooks. A 2 percent Social Security payroll tax holiday was allowed to expire, but most taxpayers will not see their federal income taxes increase.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

1 year ago

House gives final passage to fiscal cliff bill

WASHINGTON (AP) - Legislation to block the "fiscal cliff" is headed to the White House for President Barack Obama's signature. The bill will avoid, for now, the major tax increases and government spending cuts that had been scheduled to take effect with the new year.

Final approval came in the House on New Year's Night. The vote was 257 to 167.

The Senate passed the bill less than 24 hours earlier.

The measure raises tax rates on incomes over $400,000 for individuals and $450,000 for couples, a victory for Obama.

It also extends expiring unemployment benefits for the long-term jobless, prevents a cut in fees for doctors who treat Medicare patients and cancels a $900 pay increase due to lawmakers in March.

Another provision is designed to prevent a spike in milk prices.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

1 year ago

U.S. Senator Barbara Boxer's statement on Fiscal Cliff vote

Washington, D.C. - U.S. Senator Barbara Boxer (D-CA) issued the following statement after the Senate passed legislation to avert the fiscal cliff and to prevent tax hikes from hitting millions of families nationwide:

"My major priority in resolving the fiscal cliff was ensuring that our nation's economic growth continues and is not stalled. This agreement takes important steps that are critical to keeping the economy growing in California and nationwide.

"This legislation would continue unemployment insurance for 400,000 Californians who were at risk of losing their benefits. This assistance is so important for our families and for our economy because every dollar invested in jobless benefits creates at least $1.42 in economic activity.

"The measure would protect 15 million California taxpayers from seeing increased tax rates and would protect 5 million Californians from the Alternative Minimum Tax. Averting these tax hikes would save California families thousands of dollars a year and would help our state's economy continue to grow.

"The legislation also would keep in place critical tax breaks such as the child tax credit, the Earned Income Tax Credit, the tuition tax credit, as well as clean energy and small business tax credits.

"As I examined the ramifications of going over the cliff, it was clear to me that it would have created too much uncertainty for our economy and pain for our families with no promise of a quick resolution. I believe this compromise will help ensure that we do not derail an economic recovery that is still fragile."

1 year ago

Senate clear fiscal cliff measure

WASHINGTON (AP) - The Senate has passed legislation to block the impact of across-the-board tax increases and spending cuts that make up the fiscal cliff.

The vote was an overwhelming 89-8 and came well after midnight on New Year's Day.

A House vote is expected before Wednesday.

The White House-backed legislation would prevent middle-class taxes from rising, and raise rates on incomes over $400,000 for individuals and $450,000 for couples.

It also blocks spending cuts for two months, extends unemployment benefits for the long-term jobless, prevents a 27 percent cut in fees for doctors who treat Medicare patients and prevents a spike in milk prices.

A last-minute addition would also prevent a $900 pay raise for members of Congress from taking effect in March.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

1 year ago

Details of tentative deal averting 'fiscal cliff'

Highlights of a tentative agreement Monday between the White House and Senate Minority Leader Mitch McConnell, R-Ky., aimed at averting wide tax increases and budget cuts scheduled to take effect in the new year. The measure would raise taxes by about $600 billion over 10 years compared with tax policies that expire at midnight Monday. It would also delay for two months across-the-board spending cuts otherwise set to begin slashing the budgets of the Pentagon and numerous domestic agencies.

Highlights include:

-Income tax rates: Extends decade-old tax cuts on incomes up to $400,000 for individuals, $450,000 for couples. Earnings above those amounts would be taxed at a rate of 39.6 percent, up from the current 35 percent. Extends Clinton-era caps on itemized deductions and the phase-out of the personal exemption for individuals making more than $250,000 and couples earning more than $300,000.

-Estate tax: Estates would be taxed at a top rate of 40 percent, with the first $5 million in value exempted for individual estates and $10 million for family estates. In 2012, such estates were subject to a top rate of 35 percent.

-Capital gains, dividends: Taxes on capital gains and dividend income exceeding $400,000 for individuals and $450,000 for families would increase from 15 percent to 20 percent.

-Alternative minimum tax: Permanently addresses the alternative minimum tax and indexes it for inflation to prevent nearly 30 million middle- and upper-middle income taxpayers from being hit with higher tax bills averaging almost $3,000. The tax was originally designed to ensure that the wealthy did not avoid owing taxes by using loopholes.

-Other tax changes: Extends for five years Obama-sought expansions of the child tax credit, earned income tax credit, and an up to $2,500 tax credit for college tuition. Also extends for one year accelerated "bonus" depreciation of business investments in new property and equipment, a tax credit for research and development costs and a tax credit for renewable energy such as wind-generated electricity.

-Unemployment benefits: Extends jobless benefits for the long-term unemployed for one year.

-Cuts in Medicare reimbursements to doctors: Blocks a 27 percent cut in Medicare payments to doctors for one year. The cut is the product of an obsolete 1997 budget formula.

-Social Security payroll tax cut: Allows a 2 percentage point cut in the payroll tax first enacted two years ago to lapse, which restores the payroll tax to 6.2 percent.

-Across-the-board cuts: Delays for two months $109 billion worth of across-the-board spending cuts set to start striking the Pentagon and domestic agencies this week. Cost of $24 billion is divided between spending cuts and new revenues from rules changes on converting traditional individual retirement accounts into Roth IRAs.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

1 year ago

Democratic aide: Fiscal 'cliff' deal reached

WASHINGTON (AP) - A Democratic aide says the White House and congressional Republicans have reached an agreement to avert the so-called fiscal cliff.

The measure would extend Bush-era tax cuts for family incomes below $450,000 and briefly avert across-the-board spending cuts set to strike the Pentagon and domestic agencies this week.

Vice President Joe Biden was set to sell the agreement to Senate Democrats at a meeting at the Capitol on Monday night.

The aide required anonymity because he wasn't authorized to speak publicly.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

1 year ago

McConnell: 2 sides close on 'fiscal cliff' deal

WASHINGTON (AP) - Senate Minority Leader Mitch McConnell says he and the White House have agreed on preventing tax hikes that the "fiscal cliff" will trigger after midnight. And he says they are very close to an overall deal that would also prevent budget-wide spending cuts.

The Kentucky Republican did not provide any details. But he said on the Senate floor that lawmakers should pass legislation averting tax increases that would otherwise take effect at the start of New Year's Day.

McConnell spoke after President Barack Obama said in televised remarks from the White House that a deal was in sight.

1 year ago

AP Sources: 'Fiscal cliff' deal emerging

WASHINGTON (AP) - President Barack Obama says it appears that an agreement to avoid the fiscal cliff is "in sight," but says it's not yet complete and work continues.

Obama says this has been a "pressing issue on people's minds," and tells an audience of middle-class taxpayers the deal would, among other things, extend unemployment benefits for Americans "who are still out there looking for a job."

He voiced regret that the work of the administration and lawmakers on Capitol Hill won't produce a "grand bargain" on tax-and-spend issues, but said that "with this Congress, it couldn't happen at that time."

Officials familiar with the negotiations say an agreement would raise tax rates on family income over $450,000 a year and increase the estate tax rate. .

1 year ago

List: No love for 'fiscal cliff,' 'spoiler alert'

DETROIT (AP) - Spoiler alert: This story contains words and phrases that some people want to ban from the English language. "Spoiler alert" is among them. So are "kick the can down the road," ''trending" and "bucket list."

A dirty dozen have landed on the 38th annual List of Words to be Banished from the Queen's English for Misuse, Overuse and General Uselessness. The nonbinding, tongue-in-cheek decree released today by Michigan's Lake Superior State University is based on nominations submitted by the public.

"Fiscal cliff" garnered the most votes based on how often news media outlets use it to describe across-the-board federal tax increases and spending cuts that economists say could harm the economy in 2013 without congressional action.

Other terms up for a literary lashing are "superfood," ''guru" and "double down."

1 year ago

Progress seen in last-minute 'fiscal cliff' talks

WASHINGTON (AP) - Democrats and Republicans say signs of progress are emerging in urgent negotiations to avert the looming 'fiscal cliff' ahead of a midnight deadline.

A person familiar with the negotiations says Democrats have offered to extend tax cuts for families making up to $450,000 a year and individuals making up to $400,000. President Barack Obama originally wanted the tax cuts to be extended only for families making up to $250,000 a year.

Unless an agreement is reached and approved by Congress by the start of New Year's Day, more than $500 billion in 2013 tax increases will begin to take effect and $109 billion will be carved from defense and domestic programs

The person familiar with the talks requested anonymity in order to discuss the internal negotiations.

1 year ago

Banned Words List: No love for 'fiscal cliff,' 'spoiler alert'

DETROIT (AP) - Spoiler alert: This story contains words and phrases that some people want to ban from the English language. "Spoiler alert" is among them. So are "kick the can down the road," ''trending" and "bucket list."

A dirty dozen have landed on the 38th annual List of Words to be Banished from the Queen's English for Misuse, Overuse and General Uselessness. The nonbinding, tongue-in-cheek decree released Monday by Michigan's Lake Superior State University is based on nominations submitted by the public.

"Fiscal cliff" garnered the most votes based on how often news media outlets use it to describe across-the-board federal tax increases and spending cuts that economists say could harm the economy in 2013 without congressional action.

Other terms up for a literary lashing are "superfood," ''guru" and "double down."

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

1 year ago

Last-minute fiscal cliff talks in Senate

WASHINGTON (AP) - Senate leaders are groping for a last-minute compromise to avoid middle-class tax increases and possibly prevent deep spending cuts at the dawn of the new year as President Barack Obama warned that failure could mean a "self-inflicted wound to the economy."

Obama chastised lawmakers in his weekly radio and Internet address for waiting until the last minute to try and avoid a "fiscal cliff." Yet he said there was still time for an agreement.

Senate Republicans say they're ready to compromise.

Even so, there's no guarantee of success.

In a blunt challenge to Republicans, Obama said that barring a bipartisan agreement, he expected both houses to vote on his own proposal to block tax increases on all but the wealthy and simultaneously preserve expiring unemployment benefits.

Following a White House meeting Friday among Obama and congressional leaders, aides to Senate Republican leader Mitch McConnell and Senate Majority Leader Harry Reid began racing against the clock for a bipartisan bargain. The leaders could present legislation to senators as early as Sunday, with a vote possible on Sunday or Monday.

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1 year ago

Potential effects of falling off the Fiscal Cliff

The Fiscal Cliff looms in the nation's future. Congress and the White House have until Tuesday to decide whether to extend tax cuts implemented ten years ago by former President George W. Bush, or let a series of automatic tax hikes and budget cuts take place.

According to Pismo Beach Certified Financial Planner Joe Brittingham, those with an income of several thousand dollars, and those with investments and properties are likely to feel the fall of the Fiscal Cliff the hardest. But, essentially, he said the Fiscal Cliff, if goes unresolved, will affect all working Americans.

So what does that mean for you? According to Tax Policy Center, if you make between $20,000-$30,000 a year, you'll see an average tax increase of $1,064. If you bring in $40,000-$50,000, the average tax increase will be $1,729. And, if you make a million dollars or more, expect an average tax hike of $254,637.

"I don't feel that it's really a partisan issue, this is a federal deficit issue. And, you have republicans and democrats who just can't seem to agree on terms, but ultimately it's going to be the economy that feels the impact from it," said Brittingham.

If the country falls off the Fiscal Cliff, it would reduce the deficit by over $500-billion dollars. The nation's current debt is $16-trillion.

1 year ago

Obama says immediate action needed on fiscal cliff

WASHINGTON (AP) - President Barack Obama says "the hour for immediate action is here" on a deal to avert the fiscal cliff.

The president says he remains "optimistic" that an agreement can be reached in Congress before a looming year-end deadline to avoid tax increases and spending cuts.

If Congress can't reach a deal, the president says Congress should allow a vote on a basic package that would preserve tax cuts for middle-class Americans while extending unemployment benefits for the long-term jobless and working toward a foundation for a broader deal.

The president says an hourlong meeting Friday with congressional leaders was "good and constructive."

Senate leaders say they hope to reach a compromise that could be presented to lawmakers by Sunday, little more than 24 hours before the deadline.

1 year ago

Obama expected to offer scaled-down fiscal cliff deal

WASHINGTON (AP) - When congressional leaders gather at the White House this afternoon, they'll be hearing a limited proposal from President Barack Obama aimed at avoiding the tax increases and deep spending cuts that are slated to take effect next week.

Lawmakers and White House officials are holding out a slim hope for a deal, but it's not clear whether congressional passage of legislation that both sides can accept is even possible.

Today's meeting -- the first since mid-November -- is expected to center on which income thresholds would face higher tax rates. There will likely be talk about extending unemployment insurance, and preventing a cut in Medicare payments to doctors.

Despite early talk of a grand bargain that would reduce deficits by more than $2 trillion, the expectations now are far less ambitious.

Republicans and Democrats say any agreement will likely include an extension of middle-class tax cuts with increased rates at upper incomes. The deal would likely put off the scheduled spending cuts.

1 year ago

Consumer confidence takes a hit as fiscal cliff nears

WASHINGTON (AP) - U.S. consumer confidence tumbled in December, driven lower by fears of sharp tax increases and government spending cuts set to take effect next week.

The Conference Board's consumer confidence index fell to 65.1 this month from 71.5 in November. That's the lowest level since August. The outlook for the next six months deteriorated to its lowest level since 2011.

Lynn Franco, the board's director of economic indicators, blames the worsening outlook on the "fiscal cliff," the name for automatic spending cuts and tax hikes that take effect Jan. 1 if the White House and Congress can't reach a budget deal. Expectations also plunged in August 2011 when a fight over the federal debt limit brought the government to the brink of insolvency.

1 year ago

President works phones for solution to "fiscal cliff"

WASHINGTON (AP) - The White House says President Barack Obama has made separate phone calls to congressional leaders to discuss the impending fiscal cliff.

A White House official says Obama called Senate Majority Leader Harry Reid, House Speaker John Boehner, Senate Republican leader Mitch McConnell and House Democratic leader Nancy Pelosi late Wednesday. The president made the calls before leaving his Hawaiian vacation for Washington, D.C.

The calls come amid little progress before the Dec. 31 deadline to avoid the fiscal cliff. Americans face major tax increases and spending cuts if Congress and the White House fail to reach a compromise by the end of the year.

1 year ago

Obama to fly to home early as 'fiscal cliff' looms

HONOLULU (AP) - President Barack Obama is expected to be back in Washington early Thursday so that he and congressional Republicans can work out a plan to avert the across-the-board tax increases and cuts to domestic programs due to automatically take effect in January.

Obama has been vacationing in Hawaii. Many economists say failure to reach an agreement could send the country back into recession.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

1 year ago

Lawmakers see 'fiscal cliff' deal as elusive

WASHINGTON (AP) - Lawmakers say it'll be time to get back to work when they and President Barack Obama return to Washington on Thursday following the Christmas holiday.

Time is running out to avert the fiscal cliff of tax increases and domestic program cuts in January, and some members of Congress are growing more skeptical that a budget agreement can be reached.

Republican Sen. Kay Bailey Hutchison says she expects "it is going to be a patch because in four days we can't solve everything."

1 year ago

Boehner on averting fiscal cliff: 'God only knows'

WASHINGTON (AP) - House Speaker John Boehner says he's still open to talks with President Barack Obama on avoiding the double economic hit of automatic tax hikes and spending cuts but he needs Obama to compromise more.

Boehner spoke to reporters Friday morning, hours after his rank-and-file Republicans handed him a bitter defeat. Boehner was forced to pull his bill to raise taxes on millionaires because he didn't have the votes for passage.

He said he didn't know how the so-called "fiscal cliff" would be avoided. Said Boehner: "How we get there, God only knows."

Boehner expressed no concern about his standing as speaker.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

1 year ago

Fiscal Cliff: Down to the wire

WASHINGTON (AP) - The White House has said that President Barack Obama still believes a deal with Republicans is possible in order to avoid a fiscal cliff.

But there've been no outward signs of progress in talks on how to reach a budget agreement. Obama still wants to raise taxes on individuals making more than $200,000 and couples earning more than $250,000.

Top Republicans say they're waiting for Obama to say the word on what spending cuts can come to entitlement programs like Social Security and Medicare.

1 year ago

GOP proposes new 'fiscal cliff' offer to Obama

WASHINGTON (AP) - House Republicans negotiating with President Barack Obama on avoiding the so-called fiscal cliff are proposing to increase the eligibility age for Medicare and to lower cost-of-living hikes in Social Security benefits.

The proposal is a response to Obama's offer last week to hike taxes by $1.6 trillion over the coming decade but to exempt Medicare and Social Security from cuts to beneficiaries.

The GOP plan also proposes to raise $800 billion in higher tax revenue over the decade but would keep the Bush-era tax cuts - including those for wealthier earners being targeted by Obama - in place for now.

House Speaker John Boehner said the GOP proposal is a "credible plan" for Obama and that he hopes the administration would "respond in a timely and responsible way."

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

1 year ago

Obama stumps for his "fiscal cliff" plan

HATFIELD, Pa. (AP) - President Barack Obama is urging Congress to pass an extension of tax cuts for middle class families, saying a tax increase for them would be like a "lump of coal" for Christmas.

In his first campaign-style event to sell his solution on the "fiscal cliff," Obama says in the Philadelphia suburbs that Republicans should extend existing Bush-era tax rates for households earning $250,000 or less, while allowing increases to kick in for the wealthy.

He says both sides need to "get out of our comfort zones" to reach an agreement.

He toured a manufacturing facility that builds construction toys, joking that he's keeping his own "naughty and nice list" for Congress and urging the public to pressure lawmakers to pass the tax cut extension for the middle class.

1 year ago

Hints at concessions on fiscal cliff

WASHINGTON (AP) - Obama administration officials are heading to Capitol Hill for talks that come amid increasing anxiety that the White House and top Republicans are wasting time as the government slides toward an economy-rattling "fiscal cliff."

Treasury Secretary Tim Geithner and top White House aide Rob Nabors are to visit separately today with the four House and Senate leaders to discuss how to avert a series of tax increases and spending cuts due to begin in January. Republicans complain that the White House is slow-walking the talks and has yet to provide specifics on how President Barack Obama would curb the rapid growth of benefit programs like Medicare and Medicaid.

There's been little evident progress in negotiations between the White House and the lead GOP negotiator, House Speaker John Boehner.

1 year ago

Stocks open lower on new fiscal cliff warning

NEW YORK (AP) - Stocks are opening lower after a warning from White House economists dampened what had been a huge weekend for retailers.

Shoppers flooded stores in record numbers over the weekend, according to the National Retail Federation. The organization said 247 million shoppers visited stores and shopping websites during the Thanksgiving holiday, up 9.2 percent from last year.

On Monday, however, the National Economic Council and the Council of Economic Advisers said that a sudden increase in taxes for middle-income taxpayers could reduce consumer spending next year by nearly $200 billion.

1 year ago

Encouraging words from congressional leaders after "fiscal cliff" talks

WASHINGTON (AP) - Congressional leaders are expressing confidence they can reach a deal with President Barack Obama to head off the "fiscal cliff" and the risk of a new recession.

The top members of the House and Senate spoke at the White House after a closed-door session with Obama. At issue is a series of tax increases and spending cuts that could undermine the economy and slow job creation starting Jan. 1.

House Speaker John Boehner and Senate Minority Leader Mitch McConnell both said they offered higher tax revenue as part of a deal. Boehner said he outlined a framework that is consistent with Obama's call for a "balanced" approach of both higher revenue and spending cuts.

Senate Majority Leader Harry Reid said, quote, "We all know something has to be done."

1 year ago

Stocks turn higher as fiscal talks progress

NEW YORK (AP) - Stocks turned higher after Congressional leaders reported progress in talks with President Barack Obama about cutting the U.S. government's budget deficit.

The Dow Jones industrial average was down as much as 71 points in late morning trading but turned higher after House Speaker John Boehner and other Congressional leaders said they had constructive talks with Obama's team.

Investors have worried that Obama and Congress won't reach a deal in time on the budget to avoid deep cuts in government spending and tax increases that are set to kick in at the beginning of next year.

1 year ago

President urges compromise to avert "fiscal cliff"

WASHINGTON (AP) - President Obama is appealing to key lawmakers to compromise and cooperate on the "urgent business" of avoiding the so-called fiscal cliff.

He spoke as he convened congressional leaders Friday at the White House for an opening round of deficit talks -- their first meeting since the election.

Obama has insisted any deal involve higher taxes on the top 2 percent of income earners. Republicans leaders are vowing to resist rate hikes as job-killers, though they've signaled they're open to added revenue through curbs on deductions and credits.

The combination of tax hikes and automatic spending cuts will hit New Year's Day unless lawmakers and Obama act. Top economists have warned the nation could be plunged back into recession if they don't.

1 year ago

U.S. Treasury securities hot sellers, despite "fiscal cliff" concerns

WASHINGTON (AP) - Foreign demand for U.S. Treasury securities rose to a record level in September for the ninth straight month. The increase suggests overseas investors are confident in U.S. debt despite a potential budget crisis.

The Treasury Department says total foreign holdings rose to $5.46 trillion in September, up 0.1 percent from August.

China, the largest holder of U.S. government debt, barely increased its holdings in September to $1.16 trillion. Japan, the second-largest holder, increased its holdings to $1.13 trillion. Brazil trimmed its holdings to $267 billion.

Investors continued to buy U.S. Treasurys, even as lawmakers and President Barack Obama remained at odds over whether to raise the U.S. borrowing limit as part of a broader budget deal.

1 year ago

House Speaker defines GOP negotiating points for "fiscal cliff"

WASHINGTON (AP) - House Speaker John Boehner says any deal to avert the so-called fiscal cliff should include lower tax rates, eliminating special interest loopholes and revising the tax code.

Speaking to reporters Friday, the Ohio Republican insisted that changing the tax code and making it more efficient would lead to greater revenue for the government.

Boehner said he had a brief conversation with President Barack Obama earlier this week as the chief executive and congressional leaders negotiate a way to avoid a fiscal cliff that economists say would plunge the nation into another recession.

Boehner also indicated that raising the debt limit that the government will reach sometime in the spring should be part of any negotiations.

1 year ago

Obama invites lawmakers to WH to talk fiscal cliff

WASHINGTON (AP) - A White House official says President Barack Obama is inviting Congressional leaders of both parties to the White House next week for talks on how to avoid the so-called fiscal cliff.

Obama will announce the invitations on Friday as he addresses the nation on actions needed to avoid harsh economic consequences from a looming combination of tax increases and spending cuts.

Obama is expected to urge Congress to act, including passing a bill that would prevent Bush-era tax cuts from expiring for all but the wealthiest Americans.

In his address from the White House East Room, Obama is not expected to put forward a specific plan, but instead will call on lawmakers from both parties to work together to tackle the nation's fiscal problems.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

1 year ago

Huge tax increase looms at year-end 'fiscal cliff'

WASHINGTON (AP) - A new study is detailing how taxpayers across the income spectrum would face whopping tax hikes next year if Washington fails to renew a lengthy roster of tax cuts set to expire in December.

A typical middle-income family would see its taxes go up by $2,000 says the report from the Tax Policy Center, a joint effort of two Washington think tanks.

Households in the top 1 percent income range would see an average tax increase of more than $120,000, while a family making between $110,000 and $140,000 could see a tax hike in the $6,000 range.

The expiring provisions include Bush-era cuts on income and investments and for married couples and families with children, among others. Also expiring is a 2 percentage point temporary payroll tax cut.

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