 Fiscal Cliff – How much will you pay?
I’m not sure what is more bothersome. Is it the fact that just weeks after a
national election, we can’t get our representatives to talk to each
other? Or is it that $ 600 billion, $ 1.2 trillion or $16 trillion are
just numbers to most Americans and no longer bring incite fear? As the
fiscal cliff draws near, there seems to be more folks that believe it
may occur. Some of them are saying ‘let it happen…..why put off the
inevitable?’
Deadline: Midnight on December 31, 2012. Some of what is affected: The end of
last year’s temporary payroll tax cuts, the end of some tax breaks for
business, the end of the Bush tax cuts and the beginning of some health
care tax increases. There’s still time for discussion and to avert the
worse-case scenario. But if you’d like to get an idea of how the
‘cliff’ would affect you, take a peek at the following site.
http://www.creditcards.com/credit-card-news/fiscal_cliff-calculator-1701.php
How ironic that the deadline occurs at the same moment as the singing of “Auld Lang Syne”
Mark Schuster
December 3, 2012
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