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May 2012

What is the “Fiscal Cliff”?

Date : 05/05/2012 Author: Rajesh Dheenathayalan

The term “fiscal cliff” refers to a series of fiscal events set to unfold in U.S. at the end of this year and in early 2013. These include:
  • Expiration of the Bush-era tax cuts at the end of 2012, including current lower tax rates on capital gains, dividends, income, and estates, as well as number of other measures.
  • Expiration of fiscal stimulus measures, such as a 2-percentage-point cut in Social Security payroll taxes and extended unemployment benefits.
  • Spending cuts of $ 1 trillion over 10 years – which Congress approved during the Republican-led standoff over raising the federal debt ceiling in 2011 – will start kicking at the beginning of 2013.

Tags:  US economy, US financial markets, US government
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