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Bookmark or Share- The Fiscal Cliff: A Primer - Tax FoundationDownload Special Report No. 204: The Fiscal Cliff: A Primer Update: For a description of the taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. deal passed by the Senate on January 1, 2013, […]
- Fiscal Cliff: Meaning, History, How It Was Fixed - InvestopediaFiscal cliff is a term coined to describe a rare combination of expiring tax cuts and government spending cuts that was perceived as threatening U.S. economic stability at the end of 2012.
- United States fiscal cliff - WikipediaThe 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.Planned spending cuts under the Budget Control Act of ...
- The ‘Fiscal Cliff,’ Explained - The New York TimesThe 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 — unless Mr. Obama and ...
- Fiscal Cliff Explanation and Causes - The BalanceThe 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.
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