Along with other Bush Era tax cuts, a temporary two percent reduction in social security payroll taxes is due to expire at the end of the year, which means 163 million workers will have more money taken out of their paychecks.
Dick Donahue with Asset Advisers LLC in Fairhaven says congress will probably try to delay the ending of the tax cuts.
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He says returning to higher payroll taxes could cost a two-earner family with a six figure income as much as $4,500 a year.
If the fiscal cliff happens and the tax cuts expire at the same time that automatic spending cuts go into affect, Donahue says the stock market could drop by as much as 25 percent.
He says returning to higher payroll taxes could cost a two-earner family with a six figure income as much as $4,500 a year.
If the fiscal cliff happens and the tax cuts expire at the same time that automatic spending cuts go into affect, Donahue says the stock market could drop by as much as 25 percent.
