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Tax Impact From Fiscal Cliff In Md, Va, DC

7:34 AM, Dec 4, 2012   |    comments
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WASHINGTON (WUSA) -- The biggest worry for most people about the Fiscal Cliff is taxes. We can all expect to get hit pretty hard.

The non-partisan Tax Foundation says that Maryland could be facing the biggest tax hikes in the nation if there is no deal. The median income for a family of four is nearly $107,000. With the median tax bill expected to go up by $7,200.

In Virginia, the median income is about $90,000. Tax bills in the Commonwealth would go up by about $4,500.

The median income in D.C. is $76,000, meaning tax bills would go up by $3200.

Part of the reason these bills would be so high, more people would be hit by something called the "Alternative Minimum Tax." It also means the largest deductions -- such as property, state and local taxes -- would no longer be allowable.

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