In case you haven’t read enough on this yet…from the NCPA:
With almost no time to celebrate his reelection, President Obama must quickly come to an agreement with lawmakers on the “fiscal cliff,” a combination of spending cuts and tax increases that pose a threat to the fragile economic recovery, says the Tax Foundation.
The fiscal cliff includes such things as:
- Expiring provisions of the 2001 and 2003 Bush Tax Cuts.
- A compromise that will increase the estate tax.
- A patch in the Alternative Minimum Tax.
- A temporary 2 percent payroll tax holiday.
- Five new taxes as a result of the Affordable Care Act.
- In total, the tax increases are slated to cost around $514 billion.
- Additionally, there are spending cuts of $109 billion.