What is the 'fiscal cliff?'

POSTED: 11:50 AM Nov 09 2012   UPDATED: 8:28 AM Dec 31 2012

Confused by all this talk of a "fiscal cliff" and what it means to you? As lawmakers in Washington try to beat tonight's deadline, here are some answers.

tax rebate refund letter, IRS, Internal Revenue Service
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Kevin Lamarque/Reuters

How much would all of this cost me? -- If your household makes a typical salary -- say, $50,000 -- you should expect to pay $2,000 more in taxes next year. If your household makes an atypical salary -- say, $500,000 -- you should expect to take a $50,000 hit. The richer you are, the bigger the hit you face as a share of income. 

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