Peering over the edge of the fiscal cliff

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by Brad Woodard / KHOU 11 News

khou.com

Posted on December 27, 2012 at 6:47 PM

Updated Thursday, Dec 27 at 6:53 PM

HOUSTON - As all the players return to Washington in an attempt to pull the country back from the edge of the “fiscal cliff,” Houston-area residents go about the business of their daily lives - many resigned to the fact that what will be, will be.

“We’ll find out one way or another,” Gerald Green said as he shopped at Academy Sports & Outdoors.

Some feel that even though they voiced their opinion in the election that they are left with little to no options.

“I’m going to get creamed, but I can’t do anything about it,” Keith Graffagnini said. “I voted, but I lost.”

Bob Martin, a certified public accountant, said that everyone will feel the pinch.

“Unless Congress does something, it’s going to affect all taxpayers,” Martin said.

If the scheduled tax hikes go into effect, the average household is expected to fork over an extra $3,400 to the federal government next year. It’s not just about income tax, and some may feel the effects sooner than they realize.

“A lot of people will see a smaller paycheck in January, because the payroll tax holiday has not been renewed,” Martin said.

That could mean fewer trips to Academy for people like Green and his family.

“All of the perks you’re accustomed to, well, you’ll just have to do without a few,” he said.

Many argue if Congress had shown the same discipline earlier, we wouldn’t be poised on the edge of the cliff in the first place.

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