Fiscal Cliff Notes An occasional series which breaks down the looming "fiscal cliff" of expiring tax cuts and deep automatic spending cuts set to hit around the first of year.

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Fiscal Cliff Notes

Breaking down the looming 2013 "fiscal cliff" of expiring tax cuts and deep automatic spending cuts.

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Bush Tax Cuts: The New Middle-Class Norm

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. Courtesy of Randi Cartmill hide caption

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Courtesy of Randi Cartmill

Bush Tax Cuts: The New Middle-Class Norm

July 10, 2012 • 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.

Bush Tax Cuts: The New Middle-Class Norm

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Obama Would Pay More — Romney, A Lot More — If Bush-Era Tax Cuts End

President George W. Bush signs tax cut legislation on June 7, 2001. The cuts from this and a subsequent bill are set to expire at the end of 2012. Stephen Jaffe/AFP/Getty Images hide caption

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Stephen Jaffe/AFP/Getty Images

It's All Politics

Obama Would Pay More — Romney, A Lot More — If Bush-Era Tax Cuts End

July 27, 2012 • About 80 percent of Americans would see their taxes go up if all the tax cuts signed into law by President George W. Bush were to expire as scheduled at the end of this year. And nearly 100 percent of the highest income earners would have to pay more — including both the Obamas and the Romneys.

Obama Would Pay More — Romney, A Lot More — If Bush-Era Tax Cuts End

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It's All Politics

Why Dividends, Capital Gains Are Big Part Of Fiscal Cliff Talks

November 29, 2012 • The tax code has long favored investment income over the money you get in your paycheck. But today's rates on dividends and capital gains are especially low, dating to tax cuts installed under President George W. Bush. And they're one target in the talks to avert a so-called fiscal cliff.

Fiscal Cliff Would Only Dent The Deficit

House Speaker John Boehner, seen last week, discusses the looming fiscal cliff. Brendan Hoffman/Getty Images hide caption

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Brendan Hoffman/Getty Images

It's All Politics

Fiscal Cliff Would Only Dent The Deficit

November 13, 2012 • Virtually everyone agrees that allowing the nation to fall off the so-called fiscal cliff would be a bad thing. Government programs would be cut, taxes would rise, and experts say the economy would fall back into recession. And after all that, the nation still would be dealing with a budget deficit.

Fiscal Cliff Would Only Dent The Deficit

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Alternative Minimum Tax Could Affect Millions

November 6, 2012 • When people talk about Taxmageddon, most are thinking of the expiration of the Bush-era tax cuts. But there's another little known tax change that could hit 25 million Americans. The modern AMT was created in the 1980s but it wasn't indexed to inflation.

Alternative Minimum Tax Could Affect Millions

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How Will Sequestration Affect The Federal Budget?

October 17, 2012 • Last week, Morning Edition looked at possible cuts to the Defense Department as part of what's known as sequestration. Next, we examine the effect of across-the-board spending cuts on the rest of the federal budget. One analyst says right off the top expect a 15 percent reduction in the federal workforce.

How Will Sequestration Affect The Federal Budget?

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Fiscal Cliff Could Hit Civilian Pentagon Workers First

A Marine Corp F-35B Joint Strike Fighter lands at Patuxent Naval Air Station in Maryland in 2011. Analysts say that if mandatory Pentagon budget cuts are imposed next year, fewer new planes could ultimately be ordered. Cliff Owen/AP hide caption

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Cliff Owen/AP

Fiscal Cliff Could Hit Civilian Pentagon Workers First

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.

Fiscal Cliff Could Hit Civilian Pentagon Workers First

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For High Earners, Expiring Tax Cuts Would Hit Hard

October 1, 2012 • About 80 percent of Americans will see their tax bills rise if the Bush-era tax cuts are allowed to expire at the end of this year. But those who will take the largest hit are those with the highest incomes.

For High Earners, Expiring Tax Cuts Would Hit Hard

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Payroll Tax Holiday May Not Survive Year's End

The Social Security tax rate is scheduled to revert to 6.2 percent next year, up from the temporary reduction — to 4.2 percent on an employee's first $110,000 in wages — which has been in effect since January 2011. iStockphoto.com hide caption

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It's All Politics

Payroll Tax Holiday May Not Survive Year's End

September 5, 2012 • Since January 2011, the government has knocked 2 percentage points off the payroll tax, which funds Social Security. But there's little appetite to extend the tax holiday and a $95 billion price tag.

Payroll Tax Holiday May Not Survive Year's End

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When It Comes To Tax Cuts, Neither Side Is Blinking

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?

Dissecting Federal Spending With An Eye On Cuts

Lawmakers have begun a debate on how to tackle the budget deficit, though Congress is unlikely to act until late this year. KAREN BLEIER/AFP/Getty Images hide caption

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KAREN BLEIER/AFP/Getty Images

Planet Money

Dissecting Federal Spending With An Eye On Cuts

July 17, 2012 • Big automatic budget cuts slated for January 1 has spurred talk of spending cuts and other budget fixes. We revisit where federal spending actually goes.