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Various sources have estimated the impact on taxpayers from the tax increases that would have occurred if the Bush income tax cuts and the Obama payroll tax cut had been allowed to expire with the fiscal cliff. The table below shows the dollar and percentage increase in income taxes for the 2013 tax year, if the fiscal cliff had taken effect. [51]
The top marginal tax rate on income of 39.6%, provided for under the expiration of the 2001 portion of the Bush tax cuts, was retained. This was an increase from the 2003–2012 rate of 35%. [3] The top marginal tax rate on long-term capital gains of 20%, provided for under the expiration of the 2003 portion of the Bush tax cuts, was retained.
The sequestration became a major topic of the fiscal cliff debate. The debate's resolution, the American Taxpayer Relief Act of 2012 (ATRA), eliminated much of the tax side of the dispute but only delayed the budget sequestrations for two months, thus reducing the original $110 billion to be saved per fiscal year to $85 billion in 2013. [11]
By Jeanne Sahadi NEW YORK -- If lawmakers cannot agree on how to address the pending "fiscal cliff," $7 trillion worth of tax increases and spending cuts will begin to go into effect in January.
Have you heard about the fiscal cliff? If not, it's time for a quick explanation. It's big, it's important, and you need to know about it. If everything goes according to plan, Jan. 1 will cause ...
This article is the second in a series of articles discussing the fiscal cliff. To read previous stories, follow the links at the end of this article. With the fiscal cliff less than a month away ...
The "fiscal cliff" refers to December 31, 2012, the date of the expected implementation of government spending reductions and expiration of a large number of tax cuts, many of which were the tax cuts enacted under George W. Bush and extended by President Obama.
Tax brackets are moving targets, shifting as the years go by in the eternal political tug-of-war. That's the story of the fiscal cliff, with Democrats generally championing tax hikes for the rich ...
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