Tax Hike Looming
According to the Tax Policy Center, Americans are facing a major tax hike if Congress doesn't take steps to avoid what's being nicknamed 'Taxmageddon.'
They estimate most U.S. households will see an average tax increase of $3,500.
That's because a record number of tax hikes, due mostly to temporary provisions, are set to expire in January.
Combined, the center estimates taxes will rise by more than a half-trillion dollars in 2013.
If that's allowed to happen, many economists fear the U.S. will dive into another recession.
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