The 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 2011 also came into play. That Act was passed as a compromise to resolv… In 2010, Congress approved a temporary reduction in the Social Security payroll tax. This 2% reduction took the tax from 6.2% down to 4.2% on the … See more
The Fiscal Cliff: Lookout Below! - Forbes
WebMay 11, 2012 · fiscal cliff Definitions and Synonyms. noun. DEFINITIONS 1. 1. the tax increases and spending cuts that will have to take place in the US at the end of 2012 when the Budget Control Act of 2011 comes into effect. Even as Mr Obama and Mitt Romney made their last pitches to voters, the investors called on Congress to do a deal to avert … WebJul 22, 2013 · March 18, 2024 - Share This Article. Facebook LinkedIn birds perch view
So just what is the Fiscal Cliff? - Fiscal Cliff Defined
WebDec 8, 2016 · Fiscal Cliff Negotiations. December 2012. During the lame duck session after President Obama's reelection, Congress confronts the looming imposition of sequestration, the expiration of the (2010 ... WebApr 14, 2024 · Start with the fiscal cliff in the corporate fund that’ll face the new mayor. The corporate fund is Chicago’s general operating budget. It covers core services such as police and fire protection, streets and sanitation, and social services. The corporate fund budget for FY 2024 — the current fiscal year — is roughly $5.4 billion. WebEssentially, this refers to a payroll tax cut that we all got in 2009 when our share of Social Security taxes was reduced from 6.2 percent to 4.2 percent. The idea was — ka-ching — to put money in people's pockets so they'd have more to spend, thus giving the economy a much-needed boost. bird spencer