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- United_States_fiscal_cliff abstract "The United States fiscal cliff was a situation that came into existence in January 2013 whereby a series of previously enacted laws would simultaneously come into effect. The Bush tax cuts of 2001, which had been extended for two years by the 2010 Tax Relief Act, were to expire on December 31, 2012, and planned spending cuts under the Budget Control Act of 2011 also came into play. That Act was enacted as a compromise to resolve a dispute concerning the United States debt ceiling and address the failure of the 111th Congress to pass a federal budget. Discretionary spending for federal agencies and cabinet departments would have been reduced through broad cuts referred to as budget sequestration. (Mandatory programs, such as Social Security, Medicaid, federal pay (including military pay and pensions) and veterans' benefits would have been exempted from the spending cuts.) The fiscal cliff would increase tax rates and decrease government spending through sequestration, and lead to an operating deficit (the amount by which government spending exceeds its revenue) which was projected to be reduced by roughly half in 2013. The previously enacted laws leading to the fiscal cliff had been projected to result in a 19.63% increase in revenue and 0.25% reduction in spending from fiscal years 2012 to 2013. The Congressional Budget Office (CBO) had estimated that the fiscal cliff would have likely led to a mild recession with higher unemployment in 2013, followed by strengthening in the labor market with increased economic growth.The American Taxpayer Relief Act of 2012 (ATRA) addressed the revenue side of the fiscal cliff by implementing smaller tax increases compared to the expiration of the Bush tax cuts. Adjustments to spending were expected to be resolved in early 2013. Intense debate and media coverage about the fiscal cliff drew widespread public attention during the end of 2012 because of its projected short-term fiscal and economic impact.ATRA eliminated much of the tax side of the fiscal cliff while the reduction in spending due to budget sequestration was delayed for two months. With ATRA's passage, the CBO projected a 8.13% increase in revenue and 1.15% increase in spending for fiscal year 2013. The act resulted in a projected $157 billion decline in the 2013 deficit over 2012, rather than the sharp $487 billion decrease projected under the fiscal cliff.The raise in revenue contained in the ATRA came from: increased marginal income and capital gains tax rates relative to their 2012 levels for annual income over $400,000 ($450,000 for couples); a phase-out of certain tax deductions and credits for those with incomes over $250,000 ($300,000 for couples); an increase in estate taxes relative to 2012 levels on estates over $5 million; and expiration of payroll tax cuts (a 2% increase for most taxpayers earning under approximately $110,000). None of these changes would expire.Around 2 am EST on January 1, 2013, the U.S. Senate passed this compromise bill by a margin of 89–8. At about 11 pm that evening, the U.S. House of Representatives passed the same legislation without amendments by a vote of 257–167. U.S. President Barack Obama signed it into law the next day. However, the budget sequestration was only delayed and the debt ceiling was not changed, leading to the United States debt-ceiling crisis of 2013.".
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- United_States_fiscal_cliff wikiPageExternalLink 112hr8pcs_pdf.pdf.
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- United_States_fiscal_cliff wikiPageExternalLink What-Is-The-Fiscal-Cliff.htm.
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- United_States_fiscal_cliff wikiPageExternalLink between-mountain-debt-and-fiscal-cliff-finding-smart-path-forward.
- United_States_fiscal_cliff wikiPageExternalLink Fiscal-cliff-options-to-limit-tax-pref.cfm.
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- United_States_fiscal_cliff wikiPageExternalLink p28757.
- United_States_fiscal_cliff wikiPageExternalLink 2012-11-27-Fiscal-Cliffs-and-Ceilings.pdf.
- United_States_fiscal_cliff wikiPageExternalLink reid-mcconnell-spar-on-fiscal-cliff-negotiations.html?ml=vi_4.
- United_States_fiscal_cliff wikiPageID "36532781".
- United_States_fiscal_cliff wikiPageRevisionID "606137142".
- United_States_fiscal_cliff caption "CBO projections of the sources of deficit reduction in the FY2013 budget, not counting economic feedback.".
- United_States_fiscal_cliff color "#4198AF".
- United_States_fiscal_cliff color "#4572A7".
- United_States_fiscal_cliff color "#71588F".
- United_States_fiscal_cliff color "#89A54E".
- United_States_fiscal_cliff color "#93A9CF".
- United_States_fiscal_cliff color "#AA4643".
- United_States_fiscal_cliff color "#D19392".
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- United_States_fiscal_cliff hasPhotoCollection United_States_fiscal_cliff.
- United_States_fiscal_cliff label "Affordable Care Act taxes: $18B".
- United_States_fiscal_cliff label "Expiration of 2% FICA payroll tax cut: $95B".
- United_States_fiscal_cliff label "Expiration of federal emergency unemployment insurance: $26B".
- United_States_fiscal_cliff label "Expiration of tax cuts and the subsequent growth in the AMT: $221B".
- United_States_fiscal_cliff label "Other changes : $105B".
- United_States_fiscal_cliff label "Other expiring tax provisions: $65B".
- United_States_fiscal_cliff label "Reduction in Medicare payment rates for doctors: $11B".
- United_States_fiscal_cliff label "Spending cuts under the Budget Control Act of 2011: $65B".
- United_States_fiscal_cliff thumb "right".
- United_States_fiscal_cliff value "1.81".
- United_States_fiscal_cliff value "10.71".
- United_States_fiscal_cliff value "15.65".
- United_States_fiscal_cliff value "17.3".
- United_States_fiscal_cliff value "3.97".
- United_States_fiscal_cliff value "36.41".
- United_States_fiscal_cliff value "4.28".
- United_States_fiscal_cliff subject Category:112th_United_States_Congress.
- United_States_fiscal_cliff subject Category:2013_in_the_United_States.
- United_States_fiscal_cliff subject Category:Government_finances_in_the_United_States.
- United_States_fiscal_cliff subject Category:Metaphors_referring_to_places.
- United_States_fiscal_cliff subject Category:Presidency_of_Barack_Obama.
- United_States_fiscal_cliff subject Category:United_States_fiscal_cliff.
- United_States_fiscal_cliff comment "The United States fiscal cliff was a situation that came into existence in January 2013 whereby a series of previously enacted laws would simultaneously come into effect. The Bush tax cuts of 2001, which had been extended for two years by the 2010 Tax Relief Act, were to expire on December 31, 2012, and planned spending cuts under the Budget Control Act of 2011 also came into play.".
- United_States_fiscal_cliff label "Abismo Fiscal".
- United_States_fiscal_cliff label "Baratro fiscale".
- United_States_fiscal_cliff label "Begrotingsafgrond".
- United_States_fiscal_cliff label "Fiskalklippe".
- United_States_fiscal_cliff label "Klif fiskalny".
- United_States_fiscal_cliff label "Précipice fiscal des États-Unis".
- United_States_fiscal_cliff label "United States fiscal cliff".
- United_States_fiscal_cliff label "Фискальный обрыв".
- United_States_fiscal_cliff label "الهاوية المالية الأمريكية".
- United_States_fiscal_cliff label "美國財政懸崖".
- United_States_fiscal_cliff label "財政の崖".
- United_States_fiscal_cliff sameAs Fiskalklippe.
- United_States_fiscal_cliff sameAs Abismo_Fiscal.
- United_States_fiscal_cliff sameAs Précipice_fiscal_des_États-Unis.
- United_States_fiscal_cliff sameAs Jurang_fiskal_Amerika_Serikat.
- United_States_fiscal_cliff sameAs Baratro_fiscale.
- United_States_fiscal_cliff sameAs 財政の崖.
- United_States_fiscal_cliff sameAs 재정절벽.
- United_States_fiscal_cliff sameAs Begrotingsafgrond.
- United_States_fiscal_cliff sameAs Klif_fiskalny.
- United_States_fiscal_cliff sameAs m.0kfyj7t.
- United_States_fiscal_cliff sameAs Q41361.
- United_States_fiscal_cliff sameAs Q41361.
- United_States_fiscal_cliff wasDerivedFrom United_States_fiscal_cliff?oldid=606137142.
- United_States_fiscal_cliff depiction Deficit_or_Surplus_with_Alternative_Fiscal_Scenario.png.
- United_States_fiscal_cliff isPrimaryTopicOf United_States_fiscal_cliff.