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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.
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...
The share of tax increases in the fiscal cliff offset for FY2013 is 68%. The tax increases that were not addressed were the payroll tax (23%), the tax increases in the Affordable Care Act (4%), and the tax increases from the 2001-2003 tax cuts for high-income individuals (4%).
19 Νοε 2012 · Economic Progress. WASHINGTON, DC – In early 2012, Federal Reserve Chairman Ben Bernanke used the term “fiscal cliff” to grab the attention of lawmakers and the broader public. Bernanke’s point was that Americans should worry about the combination of federal tax increases and spending cuts that are currently scheduled to begin at the ...
30 Νοε 2012 · In an Oct. 1 report on the fiscal cliff, the nonpartisan Tax Policy Center estimates that the scheduled tax increases, if allowed to take effect, would net an additional $536 billion in fiscal...
For FY2013, compared with FY2012, the policy-related fiscal cliff is $502 billion, 80% reflecting tax increases. There is an additional $105 billion from economic changes.
The fiscal cliff threatens an unprecedented tax increase at year end. Taxes would rise by more than $500 billion in 2013—an average of almost $3,500 per household—as almost every tax cut enacted since 2001 would expire. Middle-income households would see an average increase of almost $2,000.
