The "Fiscal Cliff" and "Taxmageddon"

Dec 7, 2012
Some writers have used the term “fiscal cliff” to refer to the increase in taxes (approximately $500 billion annually) and decrease in government outlays (approximately $100 billion annually) that are scheduled to begin on Jan. 1, 2013. Because most of the scheduled changes in fiscal policy result from higher taxes, some writers term it “taxmageddon.

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