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What does the 'fiscal cliff' mean for you?


The closer the fiscal cliff deadline, the shakier the markets. With some investments already feeling the pain of the looming cliff, millions of Americans are at risk of being affected. The first to consider is the expiration of the Bush-era tax cuts, according to CNBC’s Jackie Deangelis. “What this means is that basically income tax rates are going to go up for nearly all American taxpayers,” she said. She speaks to TODAY’s Erica Hill.