What the Fiscal Cliff Means for Florida

Your first paycheck of January will be a little bit thinner, and those on tight-budget will notice the increase.
"Everybody, regardless of what status you're in, everyone, just had an increase in taxes, that's through the payroll tax," said Financial Planner Bobby Roberts.
It means you will be paying about 2% more than you did last year.
Florida's average income is $45,000, so the 2% tax increase mean you will pay about $900 more a year.
Roberts points out that increase will come on-top of increases in sales, food, and fuel taxes.
"When you start looking at the amount of taxes you pay, you start adding fuel, sales, you'll be shocked at the amount you pay," Roberts said.
But, he added that Florida's lack of a state income tax is an advantage.
"As long as Florida keeps taxes low, it makes it attractive for businesses,” he said. “We'll always do very well, head and shoulders above most other states, because as long as you're able to attract business you're going to attract other people, because business brings jobs."
Critics of the fiscal cliff resolution say that it fell short because it did not resolve cuts in federal spending, those issues will be addressed in march.


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