The Fiscal Cliff: What Does it Mean?

The final countdown towards the “Fiscal Cliff” is winding down as 2012 concludes. But what does it actually mean to you as a taxpayer? In summary, the fiscal cliff can be defined as:

“A combination of expiring tax  cuts  and across-the-board government spending cuts scheduled to become effective Dec.  31, 2012. The idea behind the fiscal cliff was that if the federal government  allowed these two events to proceed as planned, they would have a detrimental  effect on an already shaky economy, perhaps sending it back into an official  recession as it cut household incomes, increased unemployment rates and  undermined consumer and investor confidence. At the same time, it was predicted  that going over the fiscal cliff would significantly reduce the federal budget  deficit.”

Find out more by watching a short video below:

The Fiscal Cliff: What Does it Mean?

*Image used courtesy of Stuart Miles of

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