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How Fiscal Cliff Talks May Impact You
It's good that there's progress, but more than eight million middle class Texas families are waiting to see what the final agreement looks like and how it will affect them.
A typical Texas family of four with a median income of $65,900 could see its income taxes rise by $2,200.
We're also waiting to see if the agreement includes extending the sales tax exemption that some 2.3 million Texas taxpayers file for on their federal returns.
And nearly a million middle-class Texas families will no longer get help paying for college with a tuition tax credit.
Meanwhile-- military towns like Killeen and San Antonio waiting to see an agreement that would defer spending cuts totaling $24 billion over two months aimed at the pentagon and domestic programs.
Military spending is a huge economic driver in communities all across Texas.
And while technically, we've gone over the fiscal cliff - there is still some breathing room.
Some of the changes can't kick in until the new congress convenes on January 3rd.
So, if the House can concur with the Senate and the President signs the legislation before then.
Most of the inconvenience to the taxpayer would be eliminated or at least minimized.