The Fiscal Cliff


An Impending Tax Storm Ahead

Under current law, the Economic Growth and Tax Relief Reconciliation Act of 2001, commonly known as the Bush Tax Cuts, will expire on December 31, 2012, potentially creating serious consequences for American taxpayers and threatening the fragile economic recovery. This report is designed to answer questions surrounding this impending “Fiscal Cliff.”
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An Overview

When the House of Representatives approved an $858 billion tax deal just before midnight December 16th, they passed the most far-reaching tax bill in nearly a decade. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (H.R. 4853) was signed into law by President Obama on December 17th, 2010.
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