December 28, 2012 at 11:04 AM EST
How No 'Cliff' Deal Will Hammer the Middle Class
There's a common misperception about the fiscal cliff - that the tax increases only apply to 2013. Not true. In a cruel epilogue to 2012, roughly 28 million families would owe the IRS $86 billion more than they anticipated for this year should the country plunge off the cliff, according to the nonpartisan Tax Policy Center. The Fiscal Times reports.
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