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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]
Three CBO deficit scenarios related to the American Taxpayer Relief Act of 2012 (ATRA) and the Fiscal Cliff. The blue line (August 2012 baseline) was the "current law" baseline, with tax increases and spending cuts that would take effect if laws were not changed.
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.
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]
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 ...
A month ago, we mapped out the fiscal cliff America is hurtling toward, and the torturous trail of automatic budget cuts and unhindered tax increases that could send the economy screaming into the ...
He described ... "a massive fiscal cliff [35] of large spending cuts and tax increases" on Jan. 1, 2013. The fiscal cliff was mostly avoided by the American Taxpayer Relief Act of 2012, which included: a) the expiration of the Bush tax cuts for only the top 1% of income earners; b) the end of the Obama payroll tax cuts; and c) a sequester (cap ...
U.S. tax authorities warned on Wednesday that as many as 100 million taxpayers - far more than previously estimated - could face refund delays if law makers' "fiscal cliff" negotiations fail to ...