The fiscal cliff has been in the news for quite some time now, so I have decided to gain a better understanding of what it is.
By the end of this year, the Bush tax laws will expire, causing an increase in taxes for Americans.
The government has a few choices when dealing with this issue- it can either let the new laws for 2013 go into action, take measures towards preventing these new laws from going into action, or take an approach that combines the two.
Due to Congress's inability to work together, this situation will most likely be resolved at the last second.
With 2013 weeks away, the government needs to act fast if it wishes to avoid another economic disaster.
cbsnews.com
Source:
http://bonds.about.com/od/Issues-in-the-News/a/What-Is-The-Fiscal-Cliff.htm
This is a reputable source because About.com is owned by the New York Times.
By the end of this year, the Bush tax laws will expire, causing an increase in taxes for Americans.
The government has a few choices when dealing with this issue- it can either let the new laws for 2013 go into action, take measures towards preventing these new laws from going into action, or take an approach that combines the two.
Due to Congress's inability to work together, this situation will most likely be resolved at the last second.
With 2013 weeks away, the government needs to act fast if it wishes to avoid another economic disaster.
Source:
http://bonds.about.com/od/Issues-in-the-News/a/What-Is-The-Fiscal-Cliff.htm
This is a reputable source because About.com is owned by the New York Times.
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