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fiscal cliff

The Taxpayer Relief Act of 2013 – The Fiscal Cliff Averted

Published or updated January 4, 2013 by Glen Craig

In an unusual act, Congress convened and passed a big time piece of legislation on a major holiday – New Year’s Day.

The bill, the Taxpayer Relief Act of 2013,  prevents the country from slipping off of the so-called fiscal cliff and it seems to have worked–at least temporarily.  Instead of collapsing on the first trading day of the new year, the financial markets had a strong rally on news of the passage of even an imperfect bill.

What Just Happened with Congress and the Fiscal Cliff?

The fiscal cliff negotiations were originally expected to include tax issues, spending, deficit reduction and even a hint of real tax reform.  Nothing that dramatic came about, but here are some highlights of what has been delivered:

  • Most Bush-era tax cuts have been made permanent
  • Jobless unemployed insurance benefits for 2 million long-term unemployed were extended for a full year
  • A Medicare reimbursement cut of 27% has been prevented
  • The top tax rate has been increased from 35% to 39.6% for individuals earning over $400,000 and couples earning over $450,000
  • Taxes on high income taxpayers will also increase on income from capital gains and dividends as well as inherited estates
  • Blocked a provision that would have made millions of middle class taxpayers subject to the Alternative Minimum Tax (AMT)

[Read more…] about The Taxpayer Relief Act of 2013 – The Fiscal Cliff Averted

Filed Under: Economy, Taxes Tagged With: fiscal cliff, taxpayer relief act of 2013

The Fiscal Cliff Doesn’t Just Affect the Rich

Published or updated August 25, 2013 by Glen Craig

falling off fiscal cliff

Though the election is long over, the debate over whether or not to extend the Bush-era tax cuts continues.

This is the so-called “fiscal cliff” that’s all over the media right now.

On the surface, this sometimes seems like a debate over taxes in general, and specifically on higher taxes for the rich.

But don’t bet on it – the fiscal cliff doesn’t just affect the rich – it has the middle class squarely in its crosshairs.

A series of tax increases will begin on January 1, 2013, if Congress does not take action to restore at least some of the Bush-era cuts.

And they’ll be substantial.

Not only will the tax cuts reach deep into the wallets of everyone who has a paycheck, but the fallout from the changes will have wide effects on the overall ecomomy too.

How the Fiscal Cliff Will Affect More Than the Rich

[Read more…] about The Fiscal Cliff Doesn’t Just Affect the Rich

Filed Under: Taxes Tagged With: fiscal cliff

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Glen CraigI'm Glen Craig - I used to live paycheck-to-paycheck, drowning in credit card debt. I turned that all around and now I build wealth rather than debt.

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