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 FreeDigitalPhotos.com

Get In Touch

Share On Social Media

Other Recent Blog Articles

Viridian on KSER Radio 90.7 FM

October 19, 2020

Viridian’s own Brian Johnson and Marcus Dusenbury recently joined Chuck Noel on the KSER 90.7FM radio program Getting Your Dough To Rise. Marcus discussed financial planning, while Brian addressed some…

Read More

Boeing Voluntary Layoff – Is this the right choice for you?

August 25, 2020

Matt Boelter, Viridian Shareholder and Financial Advisor joins the Viridian channel to share some timely and interesting insight into the Boeing Voluntary Layoff Plan options. Are voluntary layoff plans worth…

Read More

Important IRS Update from Viridian

August 22, 2020

In this short video we address concerns a number of clients have recently had with IRS notices with Shareholder and Tax Team Lead Debbie Baker. The IRS has many COVID…

Read More