Fiscal Cliff: Financial experts predict impact on Iowa
Written by Shelley Russell, Multimedia Journalist - bio | email
CEDAR FALLS (KWWL) -
Financial experts predict Iowans will be forced to alter their personal spending habits if Congress chooses not to extend the Bush-era tax cuts. The tax cuts are set to expire December 31, 2012.
"Locally, I think you're going to have folks just having less disposable income," said Dave Becker. Becker has more than 10-years of experience in the financial industry, and believes anyone who cares about money should care about the impact of the fiscal cliff.
"If you look at your paycheck every week, you're going to start to notice that it's less," Becker warned.
Becker said not only will paychecks be smaller, but Iowans might be subject to more taxes than they have been previously.
"People are not only going to pay more tax, they're going to pay more tax at multiple different levels," he said. "It's going to be higher in just about every possible area."
Becker said depending on income levels, Iowans will have to make some adjustments with their personal budgets.
J.P. Gordon of Cedar Falls isn't worried about his budget yet. He spends some of his disposable income at Pepper's Bar and Grill in Cedar Falls, a place he frequents every Sunday to watch football with his friends.
"I think it might hit some families who are in a different situation a little harder," he said.
Still, Gordon said it's concerning that Congress hasn't compromised.
"There's so much uncertainty," he said. "Nobody wants to compromise."
Gordon said he doesn't want pay extra in taxes, but he understands he might have to.
"If everybody pays a little bit more now, you're going to end up being in a lot better spot down the road," he said.
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