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Gregg? gregg: lawmakers in the russia are taking a very tough stand against americans trying to adopt russian children, unanimously approving a ban on it. it s not a done deal yet. who has the final say? we re live with that story. and giving back at christmas time and some big help came from, well, some very small volunteers. details next. anyone have occasional constipation, diarrhea, gas, bloating? yeah. one phillips colon health probiotic cap each day helps defend against these digestive issues with three strains of good bacteria. approved! [ female announcer ] live the regular life. phillips . we don t let frequent heartburn come between us and what we love. so if you re one of them people who gets heartburn and then treats day afr day. block the acid with prilosec otc and don t get heartburn in the first place! [ male announcer ] e pill eachmorning. 24 hours. zero heartbur ....
Only they ll actually be moving and speaking and stuff like that. you can be part of the broadcast by texting your happy new year s message to the show. it s really simple to do, just type the letter u, text that s all one word leave a space, then type a brief message and send it to 36288. again, utext, space, your message to 36288 and then watch for your message on new year s eve. heather: and, hopefully, yeah, the weather will cooperate. gregg: i hope. heather: yeah. we have some snow flurries in new york city. gregg: look at the snow. it s not sticking though. heather: very windy. it seems to be blowing sideways behind you, gregg. gregg: not sticking at all. heather: going to need mittens and a scarf. as the clock winds down on the fiscal cliff, massive spend tax hikes for americans, we ll have an update on how things may change. ....
Those warnings may be dead on. a lockout on the west coast back in 2002, remember that? lasted a total of ten days, and it cost the economy an estimated $1 billion each and every day. a strike at the ports of los angeles and long beach earlier this month lasted eight days, an estimated loss of $650 million a day. a republican strategist and a former campaign aide for president george w. bush, julie roginsky is former political adviser to new jersey senate frank lautenberg. good to see you both. good to see you. gregg: didi, smoot-holly was passed decades ago for the purpose of putting tariff limits on incoming products. do we need to reexplore that? yeah. this was, this was back in the ....
A big jump up, on average about $14,000 additional. and for the highest wage earners, here are those numbers. $500,000 to a million, they ll pay an average of $34,000 more. and over a million? the irs will want $216,000 additional dollars from you on top of what you already pay in taxes. so that s the individual picture. here s the bigger economic outleak. outlook. if, in fact, we do go over the fiscal cliff, it means the economy s going to go down pretty sharply. we re talking about $536 billion in tax increases, $110 billion in spending cuts at the federal level all hitting during january. so this would be a major economic contraction in the economy. reporter: possibly a major economic contraction at a time when americans will have less money to spend because of the tax hikes. gregg: and people already think they re wasting their money. all right. thanks very much. ....
Reaching a deal at all. especially when the main sticking point remains whether to increase tax rates for top earners. so if washington cannot make a deal, what does it mean for you and i? ordinary taxpayers? molly henneberg is live in washington. reporter: hi, gregg, i have an answer for you, taxes will be going up for almost everyone if we go over the cliff, and it likely will take a toll on an already-stretched family budget. let s look at these numbers from the tax policy center. for those whose taxes do go up, this is the average tax hit families will take on top of what they already pay in taxes. below $10,000 they ll pay an average of about $300 more. look down the chart a bit. those who make between 40 and 50,000, they ll have to pay an extra $1700. looking at the next set of numbers for wage earners, $50-$75,000, they ll have to find an extra $2300 to send to washington, and if you managed to makeover $200,000, it will be ....