Effects of fiscal cliff in Minnesota

  • Updated: December 29, 2012 - 6:39 PM

IMPACT OF FISCAL CLIFF IN MINNESOTA

$3,946

Tax increase on a typical Minnesota family of four making $87,319 (in 2011) from automatic hikes, end of 2 percentage-point temporary cut to payroll tax and expiration of such exemptions as the 10 percent tax bracket, marriage penalty relief and expanded Child Tax Credit

$3.6 billion

Decline in consumer spending in all of 2013 due to middle-class tax hikes in Minnesota

203,000

Minnesota families that would lose the American Opportunity Tax Credit for college

12,200

Minnesotans that would lose extended unemployment benefits

Sources: White House, Tax Foundation, president's National Economic Council and Pew Center on the States
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