Search results
Results From The WOW.Com Content Network
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.
The "fiscal cliff" refers to December 31, 2012, the date of the expected implementation of government spending reductions and expiration of a large number of tax cuts, many of which were the tax cuts enacted under George W. Bush and extended by President Obama.
The top marginal tax rate on income of 39.6%, provided for under the expiration of the 2001 portion of the Bush tax cuts, was retained. This was an increase from the 2003–2012 rate of 35%. The top marginal tax rate on long-term capital gains of 20%, provided for under the expiration of the 2003 portion of the Bush tax cuts, was retained.
In 2013, assuming the fiscal cliff comes to pass, the exclusion amount will fall to $1 million and the top rate will rise to 55%. Even at this new, much lower level, the estate tax will only hit 2 ...
Have you heard about the fiscal cliff? If not, it's time for a quick explanation. It's big, it's important, and you need to know about it. If everything goes according to plan, Jan. 1 will cause ...
A 0.9% surtax will apply to wages on earned income over $200,000 ($250,000 if married). That's on top of the 1.45% Medicare currently owed on all wages. Those making between $200,000 and $500,000 ...
The sequestration became a major topic of the fiscal cliff debate. The debate's resolution, the American Taxpayer Relief Act of 2012 (ATRA), eliminated much of the tax side of the dispute but only delayed the budget sequestrations for two months, thus reducing the original $110 billion to be saved per fiscal year to $85 billion in 2013.
Judging by media coverage, the so-called "fiscal cliff" is the only thing driving the U.S. stock market these days. Unfortunately, a lot of the coverage is either alarmist, erroneous, or focused ...