How Will The Fiscal Cliff Impact You? - Spokane, North Idaho News & Weather KHQ.com

How Will The Fiscal Cliff Impact You?

SPOKANE, Wash – Looking through reports of what may or may not change on your tax return come January 1, 2013, you feel like you need your doctorate in accounting to figure out all the potential changes that may be coming to your family.

Mel and Jana Craven of Spokane are one of many couples curious to get that answer.

They're a middle-income couple, with grown kids and a mortgage to pay – but they also have two employees to pay at their family-owned small business.

Three years ago, the Cravens bought Northwest Speed and Marine, a boat repair shop in North Spokane, and business has been good – so far.

 But, they're worried the Fiscal Cliff may send their customers overboard. 

"For us as business owners, it's pretty critical," Mel Craven said.

Like most middle-income earners, the Cravens' income tax will go up roughly 4%, from 14% to 18%, which translates to roughly $2,000 a year.

Additionally, the tax credit for married couples is dropping from $11,900 down to $9,900, which would leave them on the hook for an additional $2,000.

And it's a good thing their kids are grown; tax credits for families with children would go down, and federal programs that help pay for college could be slashed by automatic spending cuts.

"I feel for the families who have children, we've had our children, so we know what that costs, and those costs are dramatic," Mel Craven added.  "A lot of our customers have children, and this is going to seriously affect our customers."

Their employees would also be affected – like every American – with less money to take home in their paychecks, as income taxes go up. 

However, the Craven's say they would up their employees' pay in order to cover the difference, but that would hit their own wallets even harder.

"Everything's been so tough the past few years, this is just going to make things even tougher," Jana Craven said.

Still, while it may be tough, the Cravens say they'll get by; and if going off the Fiscal Cliff helps cut the U.S. deficit, they say maybe taking the fall isn't so bad.

To find out how your own family would be affected, check out these online fiscal cliff tax calculators:

http://interactive.taxfoundation.org/taxcalc/#calculator

http://calculator.taxpolicycenter.org/

 

  • Most Popular StoriesMost Popular StoriesMore>>

  • Spokane's historic Ice Storm is now 21 years old

    Spokane's historic Ice Storm is now 21 years old

    Sunday, November 19 2017 4:56 PM EST2017-11-19 21:56:04 GMT

    SPOKANE, Wash. - Friday marked two years since windstorm 2015 knocked down trees, caused massive damage and left thousands of people without power in and around Spokane. Just a few days later marks another historic weather-related anniversary in the region: Ice Storm 1996.

    >>

    SPOKANE, Wash. - Friday marked two years since windstorm 2015 knocked down trees, caused massive damage and left thousands of people without power in and around Spokane. Just a few days later marks another historic weather-related anniversary in the region: Ice Storm 1996.

    >>
  • Station: Video shows nurses laughing as 89-year-old dies

    Station: Video shows nurses laughing as 89-year-old dies

    Sunday, November 19 2017 1:30 PM EST2017-11-19 18:30:54 GMT

    ATLANTA (AP) - Two nurses lost their licenses after a television station persuaded courts to unseal a video secretly recorded by the family of a man who died in their care.    The video shows the World War II veteran repeatedly calling for help, saying he can't breathe. It also shows the nurses failing to take life-saving measures, and laughing as they try to start an oxygen machine.

    >>

    ATLANTA (AP) - Two nurses lost their licenses after a television station persuaded courts to unseal a video secretly recorded by the family of a man who died in their care.    The video shows the World War II veteran repeatedly calling for help, saying he can't breathe. It also shows the nurses failing to take life-saving measures, and laughing as they try to start an oxygen machine.

    >>
  • Idaho teen recovering after being hit by a car

    Idaho teen recovering after being hit by a car

    Monday, November 20 2017 12:03 AM EST2017-11-20 05:03:01 GMT

    KOOTENAI COUNTY, Idaho - A 13-year-old boy is recovering after he was hit by a car on Seltice Way near State Line. The victim said moments after he was hit, the driver fled the scene. The boy's dad told KHQ's Hayley Guenthner that Saturday night around 9:00, his son went to grab a snack from the gas station about a block from their home. He said the car veered off the road and into the parking lot where his son was. When a woman came to 

    >>

    KOOTENAI COUNTY, Idaho - A 13-year-old boy is recovering after he was hit by a car on Seltice Way near State Line. The victim said moments after he was hit, the driver fled the scene. The boy's dad told KHQ's Hayley Guenthner that Saturday night around 9:00, his son went to grab a snack from the gas station about a block from their home. He said the car veered off the road and into the parking lot where his son was. When a woman came to 

    >>
HD DOPPLER 6i
/