We all have heard about the Fiscal Cliff for months, but there is no easy explanation of what it is! Most accounts agree that taxes on couples will not rise unless they are earning over $450,000 (median US income is about $50,000 now.) There will be some small increases in "payroll taxes," but those are estimated to be about 2% for most, or $2000 per $100,000.
Your assignment for this blog is two read two news articles (below):
http://www.cnn.com/2013/01/02/politics/fiscal-cliff-5-things/index.html:
http://usnews.nbcnews.com/_news/2013/01/04/16334798-fiscal-cliff-deal-includes-at-least-679-billion-for-special-interests?lite
These are a brief CNN account (and you may look at the 45 second video clip), and an NBC view of what "special interests" received $ from the recent compromise deal between Republicans and Democrats in the Senate and the House.
I urge you to discuss/ask about this topic with a parent. This stuff is not easy!! (but it is important)
Write your comment addressing one or more of the following.
1. Would you have voted for the bill or not (no fair picking pieces)? Why or why not?
2. Any special interests make you angry? Any that you support?
3. What else do you know about the "fiscal cliff" (any opinions?)
4. Does this change or add to your knowlege of this whole discussion? How?
Remember to post by 9pm Sunday, and 150-200 words is plenty. Proofread before you publish!!
