Welcome Guest. Register Now!  


For 2013 Tax Tips For Year 2013.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 12-30-2012, 06:32 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
What is the Fiscal Cliff?

The "fiscal cliff" is a term that is now commonly used describe U.S. federal tax increases and spending cuts that are due to take effect at the end of 2012 and early 2013, assuming no action taken by the President and Congress to rein in the budget deficits.

These measures are set to automatically slash the federal budget deficit by $503 billion between Fiscal Year 2012 and Fiscal Year 2013, according to the most recent Congressional Budget Office (CBO) projections.

The impact of these cumulative tax increases and spending cuts would result in a abrupt contraction of approximately 4% of the US GDP, and has led most experts to "warn of a double-dip recession and rising unemployment in 2013 if Washington fails to intervene in a timely fashion."

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What are the component of Revenue Increases and Spending Cuts resulting from the Fiscal Cliff? TaxGuru For 2013 0 12-30-2012 06:47 PM
Virginia State authorizes a Tax Amnesty during Fiscal Year 2010! TaxGuru Virginia 0 06-11-2009 11:50 AM
Would this crisis prompt Congress to issue a 2nd Fiscal Stimulus Package? adam007 Miscellaneous 1 10-12-2008 11:31 AM
Do we need another "Fiscal Stimulus Package" to revive the faltering US economy? TaxGuru Democrats 1 10-02-2008 11:32 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning