Effects of the fiscal cliff could be seen by January - WAOW - Newsline 9, Wausau News, Weather, Sports

Effects of the fiscal cliff could be seen by January


While lawmakers seem to be stalled on the fiscal cliff, experts say there's a lot at stake for taxpayers.

Mary Martin said she's concerned about fiscal cliff talks.

"The economy is just starting to make a comeback, now I think you're really going to see the effects again of the economy slowing down," said Martin.

Martin lives in Rothschild and she's been watching the debate closely.

"I think it's hard on everyone, right across the board, the middle class, they're starting to dig their way out again and then all of the sudden you're going to be taxed again," said Martin.

Financial Planner James Ison said those concerns are something he's already been hearing from his clients.

"They're worried that if there's not some sort of agreement, that there's going to be a financial Armageddon, if you will," said Ison.

With a number of changes possible in 2013, he said it could mean big changes for people across the nation.

Ison said that includes getting rid of benefits for tuition expenses, changing how much you can claim for medical costs and no longer allowing medicare to be a deductible.

"If nothing is done, the average taxpayer in Wisconsin next year will see taxes up by $2,200 dollars," said Ison.

Something he said will not only have an effect on people's pockets, but also on the economy.

"That's 2200 dollars less that they get to spend on the fun stuff that they spend money, discretionary spending, cause they're still going to have their basic bills, needs and necessities, that they have to pay for," said Ison.

At the same time, Ison also added, even with the time crunch, it's not quite time to panic.

"It's very likely that there's going to be some sort of resolution or middle ground met from both sides," said Ison.

If lawmakers don't come to an agreement, experts say the changes will take place on January 1, 2013.

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