If President Obama and Congress fail to come to an agreement about how to resolve the fiscal cliff, the proposed tax hikes and reduced government spending will cause Floridians a whole host of new troubles. First, without action from Congress the Bush tax cuts will expire on January 1st. The result of this is that income taxes reset to levels last seen during the Clinton administration.
For the 3rd month in a row, Florida has the nation’s highest foreclosure rate. One in every 304 Florida homes was in some stage of foreclosure in November – more than twice the national average. Additionally, there are 550,000 Florida homeowners who are over 90 days delinquent but have not yet received default notices.