The threat of the fiscal cliff has been buzzing for weeks, but what will happen if lawmakers can't agree on a plan? Jennifer Westhoven takes a look at how the fiscal cliff could affect you.
When will you feel the squeeze on your wallet? Westhoven explains—you’ll feel most of it in April 2014 when you pay your 2013 taxes. However, the immediate impact will be felt by people in the lower and middle income brackets. "Your paychecks could immediately get knocked if there's no change in what could happen in the payroll tax," she notes. She adds a lot of businesses have already slowed down in fear of the cliff.