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Thu Dec 20, 2012, 09:53 AM

The Fiscal Cliff "Cliff Notes"

From what I am reading these are what is involved if we go over the cliff. Many of these can be addressed with simple extensions or new legislation.

WTF does SS have to do with any of this? Why is SS even crossing the lips of Democrats as a measure to aid in spending cuts?

If I have made an error in my "Cliff Notes", let me know and I will fix it.



Taxes

1)Bush Tax Cuts. About 203 billion.

2)2009 Stimulus - Includes expansion of Earned Income Tax Credit, American Opportunity tax credit. Cost of about 10 billion.

3)Payroll Tax Holiday - Reduced payroll tax on employees from 6.2 to 4.2 percent. Cost of about 115 billion.

4)Alternative Minimum Tax - Would not be patched as normally done. Cost of about 114 billion.

5)Extenders - Corporate tax breaks that are routinely extended. Cost of about 109 billion.

Spending Cuts

1)Sequestration - 2 percent cut in physician and other providers Medicare payments.
- 7.6 to 9.6 percent cut in all discretionary spending, except for lower income programs(not sure how that is defined, or if it really is that ambiguous). Cuts are are to be divided evenly between defense and non-defense programs.

2)Budget Cap - Sets a firm limit on discretionary spending. Will reduce spending by about 78 billion next year.

3)Doc Fix - Would not be extended. Drastically cuts physician payments. Would cut spending by about 14 billion next year.

4)Unemployment Insurance - Would not extend or expand UI. Would cost about 39 billion for the extension.

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Reply The Fiscal Cliff "Cliff Notes" (Original post)
NCTraveler Dec 2012 OP
Harmony Blue Dec 2012 #1
NCTraveler Dec 2012 #2
NCTraveler Dec 2012 #3
smirkymonkey Dec 2012 #4

Response to NCTraveler (Original post)

Thu Dec 20, 2012, 09:54 AM

1. I think that covers the bases

but there is a lot of misinformation floating around.

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Response to Harmony Blue (Reply #1)

Thu Dec 20, 2012, 10:00 AM

2. I agree that there is a lot of misinformation floating around.

Some of it is unfortunately due to trail balloons that were floated and posturing in front of cameras. The cliff itself is accurate. Much of the rest is speculation.

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Response to NCTraveler (Original post)

Thu Dec 20, 2012, 01:59 PM

3. K for the afternoon crowd. nt.

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Response to NCTraveler (Original post)

Thu Dec 20, 2012, 02:36 PM

4. K&R

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