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t. e. 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.
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]
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.
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 ...
It seems like only yesterday that the fiscal cliff was a distant worry, a muffled rumble of thunder over the horizon. Yet as other stories have occupied the headlines, the cliff has drawn ever nearer.
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.
We're three weeks away from the fiscal cliff -- a $600 billion combination of tax hikes and spending cuts Congress and the president are scrambling to avoid. Last week, I sat down with Stanford ...