Originally published on Thu July 26, 2012 1:42 pm
The first in an occasional series, Fiscal Cliff Notes, which breaks down the looming "fiscal cliff" of expiring tax cuts and deep automatic spending cuts set to hit around the first of year.
Much of the political focus when discussing the Bush-era tax cuts is on the wealthy, but they're not the only ones who would be affected if the tax cuts are allowed to expire at the end of this year.
The vast majority of American taxpayers would take a hit, including Randi Cartmill and Josh Walling, who live in Madison, Wis., with their three children.
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