What is the Fiscal Cliff?
- Last year’s temporary payroll tax cuts will expire, meaning there will be a 2% increase for anyone with an income tax in the U.S.
- There will be an end of certain tax breaks (‘loopholes’) for businesses in addition to the tax cuts for rich people George W. Bush put into play in 2001.
- Over 1,000 government programs, including Medicare and the almighty defense budget are in line for ”deep, automatic cuts.”
- End of unemployment insurance extension for millions with no jobs waiting.
Of Course It Hurts: You're Getting Screwed by an Elephant.
Well, lawmakers have come up with three solutions:
- ... just let the policies we already have scheduled for 2013 go into effect ...
- ... cancel tax increases and spending cuts, which would add to the deficit and probably lead us into the same hole the European economy ...
- ... think of a modified plan that incorporates policies from both choices ...
But just in case the government decides to get in touch with their retarded side and go with the first choice…
We’d be totally @!$%#ed.
The combination of higher taxes and spending cuts would reduce the deficit by about 560 billion dollars, but it would also greatly reduce the amount of money the country makes for itself by A LOT.
We’d lose a @!$%#load of jobs (maybe even 2 million), ultimately sending us back to where we were right before Bush left office.