Updated 12/06/2012 04:10 PM
State Comptroller: "Fiscal Cliff" Would Bring $43B In Tax Increases To New York
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State Comptroller Thomas DiNapoli says in his new analysis of the federal budget dispute that New Yorkers could face $43 billion in tax increases if Washington, D.C. does not avoid the so-called fiscal cliff.
DiNapoli says if Congress and President Barack Obama fail to reach a deal, it will cost each family thousands of dollars in federal taxes.
Obama wants Republican lawmakers to extend Bush-era tax cuts for most Americans, while allowing tax cuts for the top 2 percent of Americans to expire.