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This is an accepted version of this page This is the latest accepted revision, reviewed on 21 February 2025. 2013 tax increase and spending decrease This article is part of a series on the Budget and debt in the United States of America Major dimensions Economy Expenditures Federal budget Financial position Military budget Public debt Taxation Unemployment Gov't spending Programs Medicare ...
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.
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.
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 ...
Only ten times has the brokering been done by the July 1 start of the fiscal year." [28] They sponsored California Proposition 25 (2010), a ballot initiative that changes legislative vote requirements to pass a budget, but not tax increases, from two-thirds to a simple majority.
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 ...
The measure also provides for an increase in the state sales tax by 0.25 percent over 4 years (from January 1, 2013 through December 31, 2016). [3] The sales tax increase expired as planned at the end of 2016. The higher income tax rates were extended for 12 years through the end of 2030 with the passage of Proposition 55 in 2016. [5]