|Published:||Nov 09, 2012 7:17 AM EST|
|Updated:||Nov 09, 2012 7:47 AM EST|
WASHINGTON, If you are wondering how this all affects you when it comes to the fiscal cliff, The nonpartisan congressional budget office says the cliff would pack several big punches.
According to estimates by the tax policy center, more than half of all married couples will owe an additional tax of around $4,000 unless Congress acts.
And more than a third of families with children will fall subject to the alternative minimum tax, with parents of three or more children facing an extra tax of $4,700.
We could also see unemployment back up to 9.1 percent.
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