What the Fiscal Cliff Deal Means For You
Capping several days of frantic year-end negotiations, Congress passed compromise legislation on New Year’s Day to head off the dreaded “fiscal cliff,” an accidental convergence of tax increases and automatic spending cuts that economists feared would throw the country into another recession. Yesterday, President Obama signed the legislation into law.
What does this mean for you? Broadly, it means that income taxes for the vast majority of Americans won’t go up, though Social Security payroll taxes and inheritance taxes on large estates will rise. The below list provides further detail on what this deal means for your finances. (The
