The fiscl cliff ws the progeny of 20’s debt ceiling debte nd the Budget Control ct of 20The Budget Control ct ws Congress’s self-imposed ultimtum to find $.2 trillion in deficit reduction (vi biprtisn super committee) or else.

If Congress hd filed to reduce the deficit, two things would hve hppened on Jnury st 203.  Ft, Bush-er tx cuts would hve been llowed to expire.  Second, msse cuts in governm spending would hve utomticlly kicked in.  On Yer’s Dy, however, the fiscl cliff ultimtum ws legislted from existence with the pssge of H.R. 8, mericn Txpyer Relief ct of 202

The Bd The Good

Wht does the pssge of the mericn Txpyer Relief ct of 202 men for you nd your fmily? The bd : the ntionl debt, now exceeding $45,000 for ech txpyer, will continue to grow t lest until the next, quickly pproching debt ceiling debte.  The good : most tx-pying mericns will continue to enjoy mny of the deductions, exemptions, credits, nd tx rtes they hve in rec yers.  Tody, I’ll summrize some of the mjor provisions tht will impct your personl income tx libility.

We’ll de deeper into the mericn Txpyer Relief ct of 202 nd its impct on businesses in the future.  In the men time, plese remember tht this rticle (or ny rticle) should not be relied upon to mke tx or finncil decisions.  If you hve questions regrding the mericn Txpyer Relief ct of 202 or need ssistnce with ny tx issue, plese feel free to contct our office nd (304) 267-2594.

Dt Source: http://usgovernmentspending.comhttp://usgovernmentrevenue.com

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