Here are the top 5 things you need to know about the fiscal cliff deal enacted by Congress this week: 1) Extends the Bush-Era Tax Cuts: The Bush-era tax cuts were scheduled to expire on Dec. 31. The tax cuts benefited nearly every American taxpayer, though they offered the most ...
2013 and the fiscal cliff will arrive in a few hours, though today's most popular Google search is about Kim Kardashian's pregnancy. After all, we can only take so much news about something called the "fiscal cliff." But it actually makes a difference whether we're paying attention to Kim Kardashian or to what's happening in Washington.
There have been few outward signs of progress in recent days as Congress and the White House negotiate over the so-called fiscal cliff. (We prefer to call it a fiscal obstacle course.) Naturally that's led to speculation that lawmakers won't be able to strike a deal to avoid the looming spending cuts and tax increases.
A reader from Shelby Township, Michigan, wrote to us to ask about the Bush-era tax cuts. "How much revenue would the federal government get," he wrote, "if taxes were raised on the people making more than $200,000 per year?" It's a very timely question. Bush-era tax cuts for high earners are the most contentious part of negotiations raging over the so-called fiscal cliff.
Last week I wrote a post called Fiscal Cliff Definition, with a simple explanation of the much-hyped, so-called fiscal cliff. (I also suggested that we call it a "fiscal obstacle course" instead of a cliff, because that's a more appropriate metaphor.) The next important question is: What's going to happen?
With all the talk in the news media about the "fiscal cliff," it seems that one important thing has been left out: A simple definition of what is the fiscal cliff. So here it is.
In the wake of the elections, Democrats and Republicans are pledging to work together to solve the fiscal cliff and other daunting challenges that confront the current lame duck session of Congress.But how likely is that, really? For example, both sides claim that the election was a mandate for their ...
Last week we got a call from Ayesha in Houston, Texas. She said she heard Obamacare will be funded through taxes, so she wanted to know how much more she'd have to pay. Here's the scoop. Only some people will pay higher taxes as a result of Obamacare. Will you be one of them?
Last week, on the heels of the Republican convention, my colleague Chris Hellman wrote here about the Republican Party platform and its implications for the federal budget. With the Democratic convention in Charlotte behind us, let's check out the Democratic platform approved by the party last week.
Last week President Obama affirmed his support for letting the Bush-era tax cuts expire for American families making over $250,000. There was a flurry of activity on our Facebook page as folks debated the merits of extending all the tax cuts versus allowing them to expire for upper-income taxpayers. And there were lots of questions and some confusion over who benefits from these tax cuts.