Holiday Shoppers Worry About Going Over the Fiscal Cliff - WLNS TV 6 Lansing - Jackson | Your Local News Leader

Holiday Shoppers Worry About Going Over the Fiscal Cliff

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Those slick roads are packed with holiday travelers and last-minute shoppers. But there is an unusual concern this Christmas Eve for those picking up Christmas gifts: the looming fiscal cliff.

Late Monday, Senator Joe Lieberman said it's now more likely we'll go over the cliff than not. Congress has just seven days to make a deal or else paychecks in January may take a hit.

 

"We're middle class, but when you're talking about an extra $200-250 a month in taxes, that's going to impact our lives, because we have mortgages, car payments and other things we're responsible for," said Lansing resident Johnny Davidson.

But even though time is running out for Congress to make a deal to prevent taxes from go up for every citizen, Doug Roberts from MSU says people shouldn't panic.

"It doesn't occur the next day, the spending and cuts are over an entire year," said Roberts.

But that still isn't settling for Holt resident Jennifer Squires.

"Once you get a paycheck, there is not going to be nothing on it anyways, basically once all the taxes and everything have been taken out," said Squires.

Squires says she is currently in search of a second job in preparation for the looming tax hike.

"Why do the people that are actually working and making ends meet, be cut more and more and more, why other people are still being able to drive their brand name sports cars and have ten bedroom homes," said Squires.

She says finding other work is the only way she will be able to provide food for her six kids, adding it's time for the wealthy to make concessions.

"They need to start helping too, it can't be the little guy all the time," Squires said.

If we go over the fiscal cliff, Roberts says your first paycheck in January will be smaller. Extended unemployment benefits would be terminated, social security tax would go up 2 percent and federal income taxes would increase across the board.

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