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11/15/2012
Nearly 90% of Americans will see a tax increase if lawmakers let us fall off the fiscal cliff on January 1, 2013. Take a look at how much extra you’ll be paying.
FOX FACTS: What Is the “Fiscal Cliff”?
With the presidential election decided, the talk in Washington now turns to the so-called fiscal cliff. Many economists worry that the combination of scheduled year-end tax increases and spending cuts will cause the economy to begin contracting again.
The focus will be on whether Democrats and Republicans can come to an agreement on a new plan before the automatic taxes and spending cuts take effect.
Here is some information from the Fox News Brainroom on the key issues you’re going to be hearing about in the coming months…
The image can be seen at full size here.
Related Links:
- Obama: The Majority of Voters Agreed With Me on Tax Hikes for the Rich
- VIDEO: President Obama Addresses Fiscal Cliff, Holds Firm on Tax Hikes
- Rep. Ron Paul on Fiscal Crisis: Eventually We’ll Have to Face Up to the Reality That America Is Broke
- WATCH: House Speaker John Boehner’s Briefing to Reporters on Capitol Hill
- Neil Cavuto Answers Your Questions: Are We Headed Over a Fiscal Cliff?
Update: Ranchers, farmers brace for ‘death tax’ impact
…Two decades ago, Kester paid the IRS $2 million when he inherited a 22,000-acre cattle ranch from his grandfather. Come January, the tax burden on his children will be more than $13 million.
For supporters of a high estate tax, which is imposed on somebody’s estate after death, Kester is the kind of person they rarely mention. He doesn’t own a mansion. He’s not the CEO of a multi-national. But because of his line of work, he owns a lot of property that would be subject to a lot of tax…
