River Valley Residents React to Proposed Fiscal Cliff Compromise
5NEWS spoke with people in Fort Smith concerned they may have to pay more in taxes because of the fiscal cliff compromise.
“I don’t like it, but there’s not much we can do about it,” said Shanna Hathaway. “Just have to live with it.”
People told 5NEWS they are worried about tax increases. “I don’t think it’s right at all,” said Becky Robins. “I think it’s ridiculous. We’re paying enough taxes as it is.”
The Senate reached a deal overnight. That compromise does not include payroll taxes, meaning everyone’s paycheck will likely decrease.
“People that’s just trying to get by you know, just not right,” said Robins.
People who earn $30,000 a year will take home about $50 less per month. Those who make about $113,700 a year will lose about $189.50 a month.
“Don’t like it, but if you’re careful and you save your money it’s not gonna affect you that much,” said Hathaway.
The agreement postpones spending cuts for a few months. Tax rates will go up for people who earn more than $400,000 a year and families making more than $450,000 a year.
“Don’t say just because you’re a millionaire you shouldn’t have to pay. You make more money you should have to pay more money,” said Rick Vaughn.
If Congress does not take action, most Americans will pay more in taxes this year.
If the House amends the Senate’s version of the bill, it goes back to the Senate for another vote.