With the New Year Comes Higher Prices on Food + Taxes

There has been a lot of talk about the deal for the ‘fiscal cliff,’ but it looks like it will still impact Mainer’s budgets and the cost of food will continue to be up for the new year.

Washington came to an agreement on the fiscal cliff to save most Americans from an income tax increase, but it will cost a little more. The average Maine household still will pay almost $1,000 a year in additional taxes. About 77% of American households will face higher federal taxes in 2013. That will be mostly from the loss of a temporary reduction in Social Security payroll taxes. In Maine, the median household income was about $48,000. The higher tax rate means the average Maine household will see about $958 less a year, but without the agreement it would have been around 35 hundred dollars a year.

In the New Year some things will be more costly with one of the things that affects all of us, FOOD! Food prices will continue upward. Gas prices and weather events have been troublesome in recent months and both things directly affect the cost of food. Some things will be going down as well, so check out this list to feel a little better.