As it stands - unless a last minute can be reached on the fiscal cliff - the following changes are set to happen to revenues - this list is very likely incomplete:
- The payroll tax holiday will expire - this relates to the amount of money drawn from paychecks to pay for Social Security.
- A series of business tax breaks will end.
- The Alternate Minimum Income tax will make adjustments to what income brackets people are placed in.
The Earned Income Tax Credit will be trimmed back.
- The end of the Bush tax cuts - which means that be set back to where they were when W Bush became president in January 2001.
- The first of the taxes related to Obamacare will be assessed.
As far as I know, these are the changes on the revenue side (click here for more detail), but I'll modify this post as I discover otherwise. I'll also add separate posts to detail each of these changes. It'll provide a good opportunity to become more familiar with these specific means of obtaining revenue.
More background:
- Wikipedia.
- Washington Post.
Here's a calculator that helps you determine how it impacts you.
Remember that going over the cliffc helps solve the deficit and debt crisis very quickly, albeit brutally.
