Fiscal Cliff

3:22am

Wed November 7, 2012
It's All Politics

After Election, Congress Turns To 'Fiscal Cliff,' Other Money Issues

Originally published on Wed November 7, 2012 8:40 pm

If Congress fails to address the alternative minimum tax, millions of households could see their federal 2012 tax bills jump.
iStockphoto.com

For months, Americans have been watching the presidential political drama play out nightly on the news. Now, with President Obama's victory, that story is ending.

But for the economy, an action thriller is just beginning.

Congress has just weeks to jump to the rescue of an economy moving closer and closer to the so-called fiscal cliff. That phrase refers to a $600 billion cluster of automatic spending cuts and tax hikes — all coming together at year's end.

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5:55am

Sun October 7, 2012
Economy

As Fiscal Cliff Nears, Simpson-Bowles Re-Emerges

Originally published on Tue October 9, 2012 11:24 am

Transcript

RACHEL MARTIN, HOST:

This is WEEKEND EDITION, from NPR News. I'm Rachel Martin. Simpson, Bowles - the names flew by eight times, without explanation, during Wednesday's presidential debate. Google reported that Simpson-Bowles was among the most searched-for terms online that night. The reference was to Republican elder statesman Alan Simpson and his Democratic counterpart, Erskine Bowles. The two headed a 2010 commission on the national debt.

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10:10am

Mon October 1, 2012
The Two-Way

Report: If Congress Ignores 'Fiscal Cliff,' Most Americans Will Pay More Taxes

In this Nov. 19, 2011 fie photo the U.S. Capitol building is seen in Washington.
Pablo Martinez Monsivais AP

Unless Congress passes legislation in a lame-duck session, taxes will be higher by a half-trillion dollars next year, costing the average household nearly $3,500 a year, according to a just-released report by the Urban-Brookings Tax Policy Center.

After studying details of the tax changes now set to take effect for 2013, the researchers were struck by "how big the tax increase is," said Eric Toder, one of those researchers. "It's a huge, huge number."

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1:31am

Mon October 1, 2012
Fiscal Cliff Notes

For High Earners, Expiring Tax Cuts Would Hit Hard

Originally published on Mon October 1, 2012 3:22 pm

This story is part of our occasional series Fiscal Cliff Notes.

If the Bush-era tax cuts are allowed to expire, the majority of Americans will see their taxes rise. Those who will see the largest increase are the wealthy.

Dr. Hamilton Lempert, an emergency room doctor in Cincinnati, works almost exclusively on overnight shifts.

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9:04am

Thu September 20, 2012
Planet Money

The Fiscal Cliff, In Three And A Half Graphics

Originally published on Tue November 6, 2012 9:50 am

Lam Thuy Vo / NPR

For more, see this story from NPR's Marilyn Geewax on how Congress might pass some stopgap measures to blunt the effect of the fiscal cliff.

A bunch of federal tax increases and spending cuts are scheduled to kick in around Jan. 1, 2013. This is what people are talking about when they talk about the "fiscal cliff."

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