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 Post subject: Fiscal Cliff
PostPosted: December 11th, 2012, 11:12 am 
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Npr wrote:
Lines of communication remain open in an effort to avert the automatic tax hikes and spending cuts known as the "fiscal cliff," according to the White House and House Speaker John Boehner.

If no deal is reached between now and the end of the year, would the consequences be that drastic?

To answer that question, let's imagine it's January and the nation has gone off the "fiscal cliff." You don't really feel any different and things don't look different, either. That's because, according to former congressional budget staffer Stan Collender, the cliff isn't really a cliff.

"It was a great communications tool, but it was a misnomer from the beginning," says Collender, who now works at Qorvis Communications. "The idea of jumping off the cliff and just having the economy go into the tanks immediately is just absolutely, positively, incontrovertibly incorrect."

"Yes, taxes technically will go up on Jan. 1. And yes, federal spending will be cut on Jan. 2, but you really won't start to see any real effects of that for a couple of weeks at the minimum and maybe not even until the end of the month," he adds.

He says the Obama administration would most likely instruct departments to delay the cuts for a little while to see if something can be worked out with Congress.

But what about taxes?

"For most people, it's life goes on," says Bob Meighan, vice president of TurboTax, the program some 25 million people use to prepare their taxes each year.

"We may see take-home pay reduced to accommodate the increased tax withholding on your paycheck, as well as the additional payroll taxes. But there is already talk of deferring or delaying that until Congress decides what to do," Meighan says.

Even if higher payroll taxes and income tax rates show up in that very first paycheck, for most it won't arrive until midmonth, says Edward Kleinbard, a tax law professor at the University of Southern California.

"The first few days of 2013 are not going to radically change his or her life, but as the weeks go by, at some point, take-home pay will go down noticeably," Kleinbard says.

The Congressional Budget Office has said that if the automatic tax hikes and spending cuts of the "fiscal cliff" are allowed to happen, the country would fall into recession in 2013. But budget maven Collender says it wouldn't be immediate.

"It's not as if the entire increase in taxes that would be included in the fiscal cliff would be taken out of your first paycheck. The real problem economically with the fiscal cliff is cumulative. That is, if we hit the cliff, we go over it and it stays in effect for the whole year," Collender says.

He adds that the thing to look for immediately would be market reaction — a dive in stock prices.

But Jack Ablin, chief investment officer at BMO Private Bank in Chicago, isn't so sure that will happen.

"There's a changing perception that this is no longer a time bomb that will detonate," Ablin says.

He thinks that perception is already baked into stock prices. The imagery Ablin prefers to a cliff or a bomb is a pot of water. On Jan. 1, the burner is turned on, but the water won't start boiling for a while.

"Put it this way: I lose sleep at night so my clients don't have to," Ablin says. "I'm not losing a ton of sleep over this one — at least not yet. I start losing sleep if we are making no progress by, let's say, the end of January."

So, if these guys are right, and there is no deal by the end of December, go ahead and enjoy your New Year's Eve. It would take awhile for the real consequences to play out.


http://www.npr.org/2012/12/11/166931415 ... scal-cliff

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 Post subject: Re: Fiscal Cliff
PostPosted: December 11th, 2012, 11:14 am 
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Joy Higher Taxes?

>.<

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 Post subject: Re: Fiscal Cliff
PostPosted: December 11th, 2012, 3:01 pm 
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Npr wrote:
Lines of communication remain open in an effort to avert the automatic tax hikes and spending cuts known as the "fiscal cliff," according to the White House and House Speaker John Boehner.

I stopped reading at that.

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 Post subject: Re: Fiscal Cliff
PostPosted: December 11th, 2012, 6:10 pm 
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Hahahahah!
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 Post subject: Re: Fiscal Cliff
PostPosted: December 11th, 2012, 10:48 pm 
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Riptide wrote:
Npr wrote:
Lines of communication remain open in an effort to avert the automatic tax hikes and spending cuts known as the "fiscal cliff," according to the White House and House Speaker John Boehner.

I stopped reading at that.


Lmao. I bet he has to teach people the correct pronunciation quite often. :lmao:

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 Post subject: Re: Fiscal Cliff
PostPosted: December 12th, 2012, 10:05 am 
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Probably sounds like it is spelled :o

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 Post subject: Re: Fiscal Cliff
PostPosted: December 12th, 2012, 5:37 pm 
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Riptide wrote:
Npr wrote:
Lines of communication remain open in an effort to avert the automatic tax hikes and spending cuts known as the "fiscal cliff," according to the White House and House Speaker John Boehner.

I stopped reading at that.

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 Post subject: Re: Fiscal Cliff
PostPosted: December 12th, 2012, 9:56 pm 
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Arya wrote:
Probably sounds like it is spelled :o
It's pronounced "bay-ner".

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 Post subject: Re: Fiscal Cliff
PostPosted: December 13th, 2012, 8:35 am 
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Oh I was thinking it was "Boh-er" or something :p

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 Post subject: Re: Fiscal Cliff
PostPosted: January 1st, 2013, 1:45 am 
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Aaaand we're going over it! Hooray!

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 Post subject: Re: Fiscal Cliff
PostPosted: January 2nd, 2013, 12:24 am 
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We're saved!

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 Post subject: Re: Fiscal Cliff
PostPosted: January 3rd, 2013, 2:58 pm 
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Yay

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 Post subject: Re: Fiscal Cliff
PostPosted: January 3rd, 2013, 7:03 pm 
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We're saved!

No spending cuts, and rather, $78 billion in new spending because of tax cuts and incentives added as pork in the last couple of days.

Truly and certainly, it is everything I desired and more!

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 Post subject: Re: Fiscal Cliff
PostPosted: January 4th, 2013, 4:36 pm 
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Sayaka wrote:
We're saved!

No spending cuts, and rather, $78 billion in new spending because of tax cuts and incentives added as pork in the last couple of days.

Truly and certainly, it is everything I desired and more!


I am nothing short of appalled at the 'compromise' reached. As many of my facebook buddies are saying, I wouldn't mind the increase in taxes if it also meant government spending would be curbed. But it isn't. Spending is increasing alongside taxes.

Welp, I'm glad I can say that I didn't vote for Obama. But the republican representatives and senators I did vote for accepted this bill. Like I said, I did not expect them to concede to such ridiculous terms.

Oh well. At least it will mean a republican president in 2016 and (probably) tax breaks then.

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 Post subject: Re: Fiscal Cliff
PostPosted: January 4th, 2013, 9:53 pm 
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Landerpurex wrote:
Welp, I'm glad I can say that I didn't vote for Obama. But the republican representatives and senators I did vote for accepted this bill. Like I said, I did not expect them to concede to such ridiculous terms.

Oh well. At least it will mean a republican president in 2016 and (probably) tax breaks then.

People do what they need to keep their power. And that's 3 years to long.

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 Post subject: Re: Fiscal Cliff
PostPosted: January 5th, 2013, 6:54 pm 
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Even though we, as a country, aren't getting higher taxes......work is royally screwing us.

Instead of paying half our SS taxes per check, we now foot the entire SS tax ourselves. MedCentral is a POS hospital system. They demand top quality care, but provide Wal-Mart like incentives for employees. They just cut all full time jobs to part time as well.

Great job government. :roll:

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 Post subject: Re: Fiscal Cliff
PostPosted: January 6th, 2013, 3:09 am 
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Government Jobs get screwed too. I hate looking at my Earnings Statement sometimes

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 Post subject: Re: Fiscal Cliff
PostPosted: January 18th, 2013, 8:39 am 
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Burks wrote:
Great job government. :roll:

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