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The ultimate fiscal-cliff cheat-sheet infographic
Posted By -NO AUTHOR- On 12/01/2012 @ 12:47 am In Money,Politics | No Comments
(Zero Hedge) The Fiscal Cliff is the name given for the 2013 increase of Federal Government taxes and budget cuts.
The Bush-era tax cuts expire and the 2013 “Budget Control Act” kicks in, among other budget cuts & new taxes. The Fiscal Cliff is set to reduce the 2013 US Government budget deficit by roughly half; will remove $607 Billion from economy (GDP), resulting in 4% drop, pushing it back into recession; it can NOT be avoided. It must happen to fix the budget deficit; any delay must be paid for later; it will NOT reduce the US debt, only slow down the growth. The Fiscal Cliff’s (new taxes and budget cuts) size and impact are visualized below in physical $100 bills.
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