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Fiscal Cliff – What’s Next?

January 5, 2013

According to CNN News:

Congress averted that self-built precipice late Tuesday when the House voted to stave off widespread tax increases and deep spending cuts by accepting a brokered Senate compromise. It makes permanent the Bush administration’s tax cuts for individuals earning less than $400,000 per year and couples earning less than $450,000.

It raises rates on those who make more than that from 35% to 39.6%, bringing back a top tax bracket from the Clinton administration, and will raise roughly $600 billion in new revenues over 10 years, according to various estimates.

You can read more here: http://www.cnn.com/2013/01/02/politics/fiscal-cliff/index.html.

Why does it have to come to a nail-biting, hair-pulling, zero-hour stand-off?  These deadlines are no surprise and it would really be nice if our elected leaders – from representatives to the president – could find solutions without such turmoil.

What is the next deadline we will watch approach?

At least for now, pundits are saying that the economic recovery begun in 2012 is likely to continue.  We can look forward to a stronger 2013 which, happily, includes a robust housing market.  And that is good news, indeed!

Patty Cunningham, Realtor
Coldwell Banker Preferred
O.        610.363.6006
C.        610.659.4669
Lic # RS294054

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