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What does the ‘Fiscal Cliff’ mean for your wallet?

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RICHMOND, VA (WTVR) -- It is a phrase that is used in nearly every television newscast or newspaper story of recent" "fiscal cliff."

But what does it mean for you?

According to Richmond's Steve Walls, a certified public accountant, it means a significant loss to your pocketbook.

On January 1, 2013, a number of tax cuts and credits are set to expire. Additionally, a number of spending cuts will be enacted.

According to Walls, a couple making $50,000 dollars a year will see their taxes increase $4,500 dollars.

Additionally, the child tax credit - currently at $1000 dollars per child - will decrease to $500 dollars per child.

To complicate matters even further - the social security tax will increase two percent.

That doesn't even include the estate, capital gains, and dividend taxes which are scheduled to increase as well.

"This is not good news," Dr. Carol Scotese, a VCU economics professor told CBS 6.

"If there is no agreement reached it is clear the economy will go into a recession," Scotese said. 

President Barack Obama and Speaker John Boehner are expected to meet at the White House Friday to discuss away to avoid the fiscal cliff.