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Just What is the “Fiscal Cliff?”

December 30, 2012 2 comments

As we approach the end of 2012, you’ve likely heard lots of talk among politicians and the media about the impending “fiscal cliff.” This term refers to a combination of tax increases and spending cuts that are slated to take effect in January 2013 if Congress fails to take action. But how will this affect you?

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big (Photo credit: GunnyG1345)

Payroll Tax – 2013 will bring the expiration of the payroll tax cut enacted by Congress in 2011. Starting next year, the current employee payroll tax rate of 4.2 percent will go back to 6.2 percent.

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