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24 Νοε 2020 · The fiscal cliff refers to a combination of expiring tax cuts and across-the-board government spending cuts that create a looming imbalance in the federal budget and must be corrected to avert...
19 Ιαν 2021 · The fiscal cliff is a combination of five tax increases and two spending cuts that were scheduled to occur on January 1, 2013. If Congress hadn’t taken action in time, taxes would have increased and government spending would have been drastically reduced in one day.
21 Αυγ 2024 · A fiscal cliff definition can be referred to as a situation where the tax cuts expire, and a planned reduction in government spending and tax hikes occurs. The scenario can lead to economic recession. However, the situation can be averted by the government's timely intervention.
13 Νοε 2012 · The fiscal cliff is the culmination of a decade of “temporary” tax and budget bills that have postponed resolution of key policy differences. Should the tax code be used to heavily promote income distribution or aim instead to raise revenue in the least distortive manner possible?
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.
15 Νοε 2012 · What is the fiscal cliff? A. The term refers to more than $500 billion in tax increases and across-the-board spending cuts scheduled to take effect after Jan. 1 — for fiscal year 2013 alone —...
7 Νοε 2012 · US Fiscal Cliff Explained. One of the most talked about issues in US politics is the US fiscal cliff. The fiscal cliff refers to the situation at the end of 2012, where a series of tax increases and spending cuts (worth $600bn) are due to come into force automatically.
