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The United States fiscal cliff refers to the combined effect of several previously-enacted laws that came into effect simultaneously in January 2013, increasing taxes and decreasing spending. The Bush tax cuts of 2001 and 2003, which had been extended for two years by the 2010 Tax Relief Act, were scheduled to expire on December 31, 2012.
Here's a set of graphs and charts from the. You may be tired of all the "fiscal cliff" commentary, but that may be due to the walls of text that accompany every article. ... 800-290-4726 more ways ...
The impending fiscal cliff is causing lawmakers to consider many tough decisions and make every kind of consideration for getting the government back on budget. That has led to the proposed ...
In 2012, during the fiscal cliff, Obama overcame the sunset provisions and made the tax cuts permanent for single people earning less than $400,000 per year and couples making less than $450,000 per year, but did not stop the sunset provisions from applying to higher incomes, under the American Taxpayer Relief Act of 2012.
The fiscal-cliff compromise on New Year's Day made substantial changes to existing tax law and permanently implemented a number of decade-old tax breaks for the vast majority of taxpayers. Yet ...
The fiscal cliff was partially resolved by the American Taxpayer Relief Act of 2012 or ATRA, which extended the Bush tax cuts for the bottom 99% of income earners, resulting in considerably less deficit reduction than if they had been allowed to expire at all income levels according to CBO. Further, the sequester was delayed for two months but ...
The Act centers on a partial resolution to the US fiscal cliff by addressing the expiration of certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (known together as the "Bush tax cuts"), which had been temporarily extended by the Tax Relief ...
Last summer, Motley Fool columnist Morgan Housel wrote that the deductibility of mortgage interest would lower tax revenue "by $1.4 trillion over the next decade." Removing the deduction would ...