My friend John Teevan of Grace College sends out a monthly newsletter, “Economic Prospect.” He passes along this in the current edition:
I found this note from a newly retired accountant (age 66) who has not gone on social security yet. His income as a part-time accountant in his town was $60,000.
What is the “fiscal cliff”?
The term “fiscal cliff”, which is believed to have originated in Congressional testimony by Federal Reserve Chairman Ben Bernanke, refers to the substantial changes to tax and spending policies that are scheduled to automatically take effect in January 2013. The changes are intended to significantly reduce the federal budget deficit.
What are the tax and spending policies that will change?
Several major tax provisions are set to expire at year’s end:
Read more on The FAQs: What is the Fiscal Cliff?…
There’s an old saying to the effect: “Show me a man’s checkbook and I’ll show you what’s important to him.”
It may not be quite the same as a checkbook, but NPR’s Planet Money passes along what a receipt from the federal government might look like for an average taxpayer (HT):
