What does cliff deal mean

But because it was not created to account for inflation , over the years it has threatened to affect an ever-bigger group of people. Congress has previously passed temporary "patches" to keep lower-income households from having to pay more taxes. If no deal is reached this year, the latest patch would expire, and the Internal Revenue Service says around 30 million additional taxpayers would become subject to the AMT.

Of course, every taxpayer's individual circumstances are different. To see how your family's tax rates could be affected, you can check out the Tax Policy Center's individualized tax calculator.

Taxes aren't the only pocketbook problem Americans could face if a deal isn't reached, because so much government spending is tied up in reaching a deal. But the most widespread effect would probably be on people who have been unemployed for a long time. Unemployment benefits: About 2. President Obama has said he'd like to see those benefits extended as part of a fiscal cliff deal. The federally funded unemployment benefit extensions were introduced in while the country was in the depths of the recession.

The extended benefits kick in after an unemployed person has exhausted his or her 26 weeks of state benefits. This is where I think the argument against me falls off the cliff. Would I like to tell half the people I work with to go jump off a cliff? We first met Hajji Zalwar Khan over tea and lunch in the Pech Valley in a house clinging to a cliff high above the valley floor.

The probe appears to be sitting at the bottom of a " cliff " on the comet, but beyond that it's hard to tell. The young goslings' first major life event is to cliff dive down to their parents, as was captured here by BBC cameras. Only the petrol tins they took for water right and left of their pathway up the cliff ; huge diamonds in the evening sun.

At dawn half a battalion of Turks tried to make the attack along the top of the cliff and were entirely wiped out. Under the fiscal cliff deal, revenue will average about If we instead assume that those tax breaks will continue to be extended each year, as they have been in recent history and were again in this deal, then revenue will average only Though revenue at that level is higher than it would be if we had just extended all the Bush tax cuts, it is still far lower than those proposed by several bipartisan budget plans.

In their much-ballyhooed proposal, former Sen. And though it has received less attention, Alice Rivlin, the former budget director for President Bill Clinton, and former Sen. Pete Domenici R-NM also recommended a bipartisan plan for deficit reduction.

Their plan generates a somewhat lower average of In fact, the last time we actually balanced the budget—from to —revenue surpassed