The Washington Post created a fiscal cliff calculator to show the impact various plans will have in different scenarios.
The bottom line is – if no plan is put in place, the majority of people will face a tax increase next year.
The no plan option will defiantly hurt the US economy. Remember the 2008 Economic Stimulus package that sent out checks:
- Individuals up to $600.
- Married couples up to $1,200.
- Those with children $300 per dependent child.