There’s one New Year’s Eve that most of us are hoping to avoid, and that’s the fiscal cliff that
the country could fall from on December 31st.
There is obviously a big election that’s coming up, there’s Thanksgiving, there’s end of year
holidays – Christmas, Hanukah, all the rest – and we are starting to run out of time and more
importantly Congress is starting to run out of time to take action to fix these problems.
Tax Lawyer Eido Walny says time is in short supply and so is the will do deal with the situation.
Neither of the parties wants to give any ground to the other and I think that there’s a very real
possibility that we get to January 1st without any action being taken.
Without any news on Capitol Hill, laws will automatically expire at the end of the year resulting
in higher taxes and spending cuts. Almost everyone will be effected and not in a good way.
Somewhere upwards of 80% of Americans whether they’re high income, low income or
anything in the middle will be effected negatively one way or another by these tax increases.
From the Market Watch.com – News Room I’m Alisa Parenti, Newsradio 780 and 105.9 FM WBBM.