THE FISCAL CLIFF AND WHAT IT MEANS FOR YOU

Going over the fiscal cliff would cut the Bush-era tax cuts on income, investments, married couples, and families with children and inheritances. The tax cuts were enacted in 2001 and 2003 and extended in 2010 in the wake of President Obama’s drubbing in the midterm elections. More than 50 percent of the tax increases from the fiscal cliff would come from the expiration of those tax cuts. Pictured, President Bush pushed for the $1.35 trillion tax cut at the US Chamber Commerce in Washington, D.C., on April 16, 2001. Stephen Jaffe/AFP/File

The Bush tax cuts would expire

Going over the fiscal cliff would eliminate the Bush-era tax cuts on income, investments, married couples, and families with children and inheritances. The tax cuts were enacted in 2001 and 2003 and extended in 2010 in the wake of President Obama’s drubbing in the midterm elections.

More than 50 percent of the tax increases from the fiscal cliff would come from the expiration of those tax cuts.

Pictured, President Bush pushed for the $1.35 trillion tax cut at the US Chamber Commerce in Washington, D.C., on April 16, 2001.

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