November 13, 2012
In this April, 15, 2008, file photo, Jackie Doyle, of Greenwood Lake, N.Y., second from left, waits in line to mail her husband's taxes at the James A. Farley Main Post Office in New York. The package of tax increases and spending cuts known as the “fiscal cliff” takes effect on January 1, 2013, unless Congress passes a budget deal by then. The economy would be hit so hard that it would likely sink into recession in the first half of 2013, economists say. (AP Photo/Tina Fineberg, File)
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Everyone who pays income tax — and some who don't —will feel it.