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What does "off the cliff" mean?
Explain it to me like I'm stupid. 
9 replies
= new reply since forum marked as read
= new reply since forum marked as read
http://en.wikipedia.org/wiki/United_States_fiscal_cliff
here is a key section
Current laws leading to the fiscal cliff
The following provisions of current law are most involved in the fiscal cliff
Expiration of the Obama tax cuts provided for in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
Across-the-board spending cuts ("sequestration"
to most discretionary programs as directed by the Budget Control Act of 2011
Reversion of the Alternative Minimum Tax thresholds to their 2000 tax year levels
Expiration of measures delaying the Medicare Sustainable Growth Rate from going into effect (the "doc fix" , most recently extended by the Middle Class Tax Relief and Job Creation Act of 2012 (MCTRJCA)
Expiration of the 2% Social Security payroll tax cut, most recently extended by MCTRJCA
Expiration of federal unemployment benefits, most recently extended by MCTRJCA and
New taxes imposed by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010.
Without new legislation, these provisions will automatically go into effect on January 1 or 2, 2013, except for the Alternative Minimum Tax growth, which may be changed retroactively. Some provisions will increase taxes (the expiration of the Bush and FICA payroll tax cuts and the new Affordable Care tax and AMT thresholds) while others will reduce spending (sequestration, expiration of unemployment benefits and implementation of the Medicare SGR).
here is a key section
Current laws leading to the fiscal cliff
The following provisions of current law are most involved in the fiscal cliff
Expiration of the Obama tax cuts provided for in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
Across-the-board spending cuts ("sequestration"
to most discretionary programs as directed by the Budget Control Act of 2011
Reversion of the Alternative Minimum Tax thresholds to their 2000 tax year levels
Expiration of measures delaying the Medicare Sustainable Growth Rate from going into effect (the "doc fix"
, most recently extended by the Middle Class Tax Relief and Job Creation Act of 2012 (MCTRJCA)
Expiration of the 2% Social Security payroll tax cut, most recently extended by MCTRJCA
Expiration of federal unemployment benefits, most recently extended by MCTRJCA and
New taxes imposed by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010.
Without new legislation, these provisions will automatically go into effect on January 1 or 2, 2013, except for the Alternative Minimum Tax growth, which may be changed retroactively. Some provisions will increase taxes (the expiration of the Bush and FICA payroll tax cuts and the new Affordable Care tax and AMT thresholds) while others will reduce spending (sequestration, expiration of unemployment benefits and implementation of the Medicare SGR).
