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Video: Taypayer Relief Act of 2012 | January 17, 2013
With time running out, dramatic last-minute negotiations to
avoid the fiscal cliff resulted in the American Taxpayer
Relief Act of 2012.
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The American Taxpayer Relief Act of 2012 | January 5, 2013
The new year began with some political drama, as last-minute
negotiations attempted to avert sending the nation over the
"fiscal cliff." Technically, we actually did go over the
cliff, however briefly, as a host of tax provisions and
automatic spending cuts took effect at the stroke of
midnight on December 31, 2012. However, January 1, 2013, saw
legislation--retroactively effective--pass the U.S. Senate,
and then later the House of Representatives. The American
Taxpayer Relief Act of 2012 (ATRA) permanently extends a
number of major tax provisions and temporarily extends many
others. Here are the basics.
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The Post-Election Agenda | November 23, 2012
Today's post-election political landscape looks a lot like
the pre-election political landscape--President Obama will
be working with a Democratically controlled Senate, and a
Republican-controlled House of Representatives for a minimum
of two more years. The issues haven't really changed,
either. What has changed, though, is the amount of time left
to deal with these issues. With little time to act, the
stakes are high. Here's a quick rundown of some of the big
issues that need to be addressed.
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No Easy Answers as Fiscal Cliff Looms | October 5, 2012
Tax increases and automatic spending cuts that take effect
in 2013 will increase government revenue and significantly
cut the budget deficit. However, that comes at the cost of
economic conditions "that will probably be considered a
recession." That's the conclusion reached by the nonpartisan
Congressional Budget Office (CBO) in a recent report. The
report also documents some of the factors and conditions
that make addressing the situation so contentious. (Source:
Congressional Budget Office , An Update to the Budget and
Economic Outlook: Fiscal Years 2012 to 2022, August 2012.)
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The "Fiscal Cliff" | August 2, 2012
What is the "fiscal cliff"? It's the term being used by many
to describe the unique combination of tax increases and
spending cuts scheduled to go into effect on January 1,
2013. The ominous term reflects the belief by some that,
taken together, higher taxes and decreased spending at the
levels prescribed have the potential to derail the economy.
Whether we do indeed step off the cliff at the end of the
year, and what exactly that will mean for the economy,
depends on several factors.
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