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This Is Your Tax ‘Fiscal Cliff’

Posted By Barry Ritholtz On November 5, 2012 @ 2:30 pm In Politics,Taxes and Policy | Comments Disabled

Without legislative action, most of the tax cuts enacted since 2001 will expire on Jan. 1, when new taxes also take effect. Result: the government would take in more than $535 billion in increased revenue and the average family’s tax bill would go up $3,500.

 

[1]

Source: NYT [1]

 

Breakdown of the increases, ranked by the Tax Policy Center in order of likelihood.


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[1] Image: http://www.nytimes.com/interactive/2012/10/17/business/this-is-your-tax-fiscal-cliff.html

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