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What does the fiscal cliff mean to you?

Fiscal cliff
Posted at 11:18 PM, Dec 27, 2012
and last updated 2012-12-27 23:18:00-05

TALLAHASSEE, Fla. (WTXL) -- With a deal seeming more and more unlikely, what exactly does the nation going over the fiscal cliff mean to you?

Billions of dollars in tax hikes and budget cuts are hanging in the balance but for average Americans, it could mean dishing out thousands of dollars more to Uncle Sam. And for homeowners it could mean dishing out more too.

A school teacher with two kids and a salary of $43, 000, for example will face a tax hike of more than $3,000.

The super rich like Lebron James who makes roughly 53 million dollars a year would see his taxes go up more than 2.4 million dollars next year.

John mcgriff, quincy, florida resident

“I'm worried because I’m already struggling now so I mean gas and everything. I have two kids I’m trying to look out for so I think it's going to affect everybody,” said Quincy resident John McGriff.

No deal could also mean the end to the mortgage forgiveness debt relief act, a measure passed in 2007 in the midst of the foreclosure crisis as a way to help struggling homeowners. No deal would cost homeowners like Deborah Bishop thousands of dollars. 

“It would make me angry if my taxes went up because they're already high enough as it is,” said Bishop.

With just days to go until the deadline and some questioning even if there is time left to make a deal, local residents say they want their representatives in Washington to find common ground and a solution.

“They need to make a move because all the people who work for a living, they're hurting. They need to make a move they need to do something,” said McGriff.