Come New Year’s Eve, will that popping sound be champagne corks or an imploding economy?
As 2012 becomes 2013, more than confetti will be up in the air. Along with it will be the expiring tax cuts of 2001, 2003, and 2010, the end of the 2011 payroll tax cut, new taxes to pay for health care, and restoration of the Clinton-era estate tax. And if Congress doesn’t act, tens of millions of additional taxpayers will be subject to the alternative minimum tax (AMT) in tax year 2012 and others will see their AMT liability soar. On the spending side, sequesters in the Budget Control Act of 2011 will slash defense and social spending, and Medicare reimbursements to doctors will drop sharply. So whether one calls it a fiscal cliff, taxmageddon, or a train wreck in the making, the decision clock is winding down for policymakers, politicians, and the public.
What’s in store for taxpayers if Washington fails to act on the tax increases or if only some of them are repealed or deferred? A forthcoming Tax Policy Center analysis will have some of the answers. This forum’s panel will discuss the findings, debate what the presidential candidates and Congress should say and do, and forecast the fallout for the U.S. economy.
At the Urban Institute
2100 M Street N.W., 5th Floor, Washington, D.C.
Lunch will be provided at 11:30 a.m. The forum begins promptly at noon.
To watch the live video webcast or a recording, go to
http://www.ustream.tv/channel/urban-institute-events. (No registration necessary.)
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