'Fiscal cliff' tax increases could cost Americans $3,500 per household

If the U.S. fails to overcome its fiscal paralysis, taxes will rise by $500 billion next year, an average of nearly $3,500 per household, according to Washington think tank Tax Policy Center.

As reported by Reuters, if the country plunges off the "fiscal cliff" in January, taxes will rise for 90 percent of Americans due to automatic increases in income and payroll taxes plus other financial shocks.