Mike Dabadie of Heart and Mind Strategies says a new survey shows more than half of those polled believe the fiscal cliff won't impact their own finances

11:30 PM, Dec 10, 2012   |    comments
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WASHINGTON, D.C. (WUSA) - Will the local Washington area economy suffer if we go over the fiscal cliff? Absolutely, said 62 percent of the people who answered a recent survey. But many of those same people somehow they personally won't be affected.

The survey by Heart and Minds Strategies and WTOP found 50 percent of more of those survey said going over the cliff will not hurt their own finances. President of Heart and Mind Mike Dabadie thinks people haven't internalized the information yet.
"You see that disconnect between them hearing a lot about what's happening and what's going on, yet not believing whole heartedly that this is going to have a significant negative impact on them from a personal standpoint," said Dabadie.
Some people WUSA9 talked to were most worried about losing deductions they have come to depend on. Sean Mason said, " The child care deduction is what's of most interest to us, my wife and me."

But when it come to tax increases, others thought they didn't make enough money to be affected.
"I really don't believe the fiscal cliff is going to impact me because its well below other people that are going to be affected," said Mike Macek who owns a spinning bike repair business.

Dabadie believes there is a common misconception that going over the fiscal cliff will only affect wealthy people. But, for the medium family of 4 in Maryland that makes $104,000, they'll pay an additional $7,200 in taxes. The medium income in Virginia is $90,000 and they'll pay $4,500 more, and for the $76,000 family in D.C., they'll pay an additional $3,500.

For those making around $60,000, expect a $2,000 tax increase. And, even those in the $30,000- $40,000 range, they could pay $3,700 more thanks to the Alternative Minimum Tax which has never adjusted for inflation.

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