So now that the elections are over and President Obama has won a second term, the focus shifts to the fiscal cliff. What is this cliff exactly? And how steep is the fall? Well, pretty steep, if we fall. In essence, three things are set to happen:
The first is the expiration of tax cuts. Payroll tax cuts from last year would expire as would the Bush-era tax cuts, the end of certain tax cuts for businesses and the emergency unemployment benefits. The second is an actual increase in taxes from the Health Care Law. The third is automatic spending cuts agreed upon from the budget deal in 2011.
Click to read further.
Comments (2)Subscribe to CommentsComment