Search results
Results from the WOW.Com Content Network
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]
In a news analysis piece, The New York Times wrote that "Just a few years ago, the tax deal pushed through Congress ... would have been a Republican fiscal fantasy, a sweeping bill that locks in virtually all of the Bush-era tax cuts, exempts almost all estates from taxation, and enshrines the former president's credo that dividends and capital ...
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.
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 ...
For investors who prefer quick and aggressive fixes for problems, the New Year's Day deal in Congress to reach a stopgap measure to address the fiscal cliff is just the latest example of ...
In January 2013, the United States reached the, at the time, debt ceiling of $16.394 trillion that had been enacted following a crisis in 2011. President Obama and members of the Democratic Party proposed raising the debt ceiling, with some advocating for its complete dismissal. Members of the Republican Party staunchly opposed raising the debt ...
Next stop: the fiscal cliff! Much like a scene out of an Indiana Jones movie, the wild ride Straight ahead, the road abruptly ends, yet the horses show no signs of slowing.