Alisa Parenti
There’s one kind of New Year’s Eve most of us want to avoid — the fiscal cliff the country could face on December 31.
Eido Walny
We have a big election coming up, then Thanksgiving, and the end-of-year holidays — Christmas, Hanukkah, and more. Time is running out, and more importantly, Congress is running out of time to take action and fix these problems.
Alisa Parenti
Tax attorney Eido Walny says time is short — and so is the political will to deal with the situation.
Eido Walny
Neither party wants to give ground to the other. There’s a very real chance we’ll reach January 1 with no action taken.
Alisa Parenti
If Congress fails to act, several laws will automatically expire at the end of the year. That would trigger higher taxes and deep spending cuts — affecting almost everyone, and not in a good way.
Eido Walny
As many as 80 percent of Americans — whether high-income, low-income, or in between — would feel the negative impact of these tax increases.
Alisa Parenti
From the MarketWatch.com newsroom, I’m Alisa Parenti, Newsradio 780 and 105.9 FM WBBM.