The Best Of The “Fiscal Cliff” Memes
1:30 pm, December 11th | by Carmen Shardae Jobson
As the holidays grow nearer and unproductive negotiations between the White House and Congress continue over the so-called “fiscal cliff,” it’s easy to get caught up in the hysteria. After all, “fiscal cliff” certainly sounds terrifying, and does mean a number of game-changing adjustments in federal taxes and spending. Here’s a refresher on what the looming “fiscal cliff” actually means:
…the expiration of the Bush tax cuts is just the beginning.
The temporary, two percent reduction in payroll taxes that the Obama administration pushed through so that consumers could have a few more dollars to spend is also scheduled to end on December 31 of this year along with the long term unemployment benefit extension mentioned above.
Adding to the misery is the reality that, beginning on January 1, some 26 million households will again become subject to the alternative minimum tax which is estimated to raise taxes for many Americans by as much as $3,700.
[This is accompanied by spending cuts that] hit all areas of the federal budget, including a $55 billion reduction to the Pentagon’s budget in 2013, a reduction of payments to physicians participating in Medicare, substantial cuts to FEMA and the Dept. of Education budget along with a host of serious reductions across the wide ranging operations of the federal government.
Look guys — if we can’t solve it OR understand it, the best thing to do is laugh at it.
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