Fiscal Cliff Notes
Josh Walling and Randi Cartmill with their children, Jacqueline, Josh and Ryan. Josh Walling says his family, whose household income is below the national median, would lose a substantial amount of money if the Bush tax cuts expired.
Much of the political focus when discussing the Bush-era tax cuts is on the wealthy, but they're not the only ones who would be affected if the tax cuts are allowed to expire at the end of this year.
Today's rates on investment income are low by historical standards — and one White House target.
October 11, 2012 Unless Congress acts, the Defense Department faces some $55 billion in cuts after the first of the year. Salaries for uniformed personnel are the one major thing that's protected. Otherwise, it's about a 10 percent cut to everything from Pentagon civilian staff to the acquisition of new aircraft.
September 5, 2012 Since January 2011, the government has knocked 2 percentage points off the payroll tax, which funds Social Security. But even as the economy appears to still be in a rut, there's little appetite to extend the tax holiday and its $95 billion price tag.
July 25, 2012 Democrats and Republicans are going to the brink over tax cuts for the wealthiest Americans in a showdown that threatens to send the U.S. over a year-end "fiscal cliff." So what's at the heart of the impasse?