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The fiscal cliff is a term coined by Federal Reserve Chairman Ben Bernanke to describe a set of laws expiring December 31, 2012 that will result in major spending cuts and tax increases that will affect every American.
Among the laws set to expire are: payroll tax cuts and Bush era tax cuts for the wealthy. Simultaneously, spending will be cut across the board as part of the Budget Control Act of 2011.
This 19.63% increase in tax revenue and 0.25% reduction in spending in 2013 is projected to cut the US deficit by roughly half (about $600 billion). While that sounds good in theory, economists warn that it could have a negative effect on the economy in the short term.
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Is the fiscal cliff over?
The fiscal cliff is temporay over for the next two months
What is the definition of fiscal cliff?
the definition of fiscal cliff has to do with the taxes and now, in December of 2012, Obama said that the wealthy will pay more
What are the release dates for Robin and Company - 2005 Fiscal Cliff Vote?
Robin and Company - 2005 Fiscal Cliff Vote was released on: USA: 1 January 2013
What does fiscal mean?
Fiscal usually relates to matters of financial stature. Fiscal could also relate to taxes and government issues. The use of the word fiscal can be combined in conjunction with fiscal cliff, fiscal year, fiscal deficit, fiscal policy and fiscal parish.
What are the release dates for Fox Business - 2007 Fiscal Cliff and the Auto Industry?
Fox Business - 2007 Fiscal Cliff and the Auto Industry was released on: USA: 30 November 2012
Will the fiscal cliff affect military pay?
Military pay is exempt from the spending cuts included in the "fiscal cliff." Other major programs exempt include Social Security, Medicaid and veterans' benefits.
Why is there a fiscal cliff?
Their is a fiscal cliff because the government/America is 16 trillion dollars in dept and we need to figure out away to pay off the dept. The fiscal cliff will bring in money by raising taxes or cutting government spending. At this point for the next two months the government has chose to raise taxes on the 2% that make 450,000 dollars a year.
What is cliff scaling?
Cliff scaling can be interpreted two ways. If someone is scaling the fiscal cliff, they are trying to manage cash flow so that cash does not run out. If a person is climbing a rocky overhang or the side of a mountain, they are cliff scaling.
What is the concept of the fiscal clifff?
fiscal cliff is the situation which U.S. government faced at the end of 2012 when the expiry of tax cut and across the board government spending cuts has reached. this
What does fiscal cliff mean?
This refers to the end of the tax cuts enacted during President George HW Bush's administration. Thus, the cliff entails a sharp increase in taxes on all levels and a possible return to the recession levels of 2008. In a layman language we can define Fiscal Cliff as a situation in which a particular set of financial factors cause or threaten sudden and severe economic decline.
What means cliff?
A cliff is an overhang on a mountain or steep hill. When someone is standing on the edge of a cliff, it means there is nowhere to go but over the side of the cliff. They would be forced to turn around and go back the other way. Many cliffs are found along shorelines of oceans and seas. DEFINITION OF 'FISCAL CLIFF' 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.
What is the nickname for a series of US government spending cuts and tax increases that could take effect in January?
I Believe it is the Fiscal Cliff
