From San Diego U-T:
What happens to my taxes if there’s no deal?
Nationally, expect some $478 billion in tax increases, touching nearly all Americans, because various federal tax cuts and breaks expire at year’s end. In most cases, these increases won’t be immediate.
“It will affect million upon millions of taxpayers,” said Eileen Brown, district manager in Los Angeles for H&R Block, the tax preparation firm. “They are looking at a smaller paycheck and many credits and deductions that will change or expire.”
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