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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.
Child tax credit: Falls to $500 per child from $1,000. The refundable portion also reduced. ... Some budget experts count as part of the fiscal cliff the onset of a new Medicare surtax on high ...
Terminology. v. t. e. The United States budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs.
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.
Judging by media coverage, the so-called "fiscal cliff" is the only thing driving the U.S. stock market these days. Unfortunately, a lot of the coverage is either alarmist, erroneous, or focused ...
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 start of the sequestration was delayed from January 2, 2013, to March 1, 2013, by the American Taxpayer Relief Act of 2012, which was passed by both houses of Congress on January 1, 2013, as a partial resolution to the fiscal cliff crisis. [41] The bill also lowered the sequestration cap for 2014 to offset the two-month delay in 2013.
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