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THE FISCAL CLIFF AND WHAT IT MEANS FOR YOU

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A two percent cut worth $11 billion in Medicare payments to providers would be imposed. Pictured, a large rally was held outside the Citi Performing Arts Center  in Boston to protest proposed cuts to Social Security, Medicare, and Medicaid on Nov. 9.

Payments to Medicare providers would be reduced

A 2 percent cut worth $11 billion in Medicare payments to providers would be imposed. Pictured, a large rally was held outside the Citi Performing Arts Center in Boston on Nov. 9 to protest proposed cuts to Social Security, Medicare, and Medicaid.

John Tlumacki/Globe Staff/ File

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    • What is the fiscal cliff?
    • Why are we headed for the fiscal cliff?
    • The Bush tax cuts would expire
    • Middle-income family would see their taxes increase by $2,000
    • The alternative minimum tax would be imposed on more Americans
    • The payroll tax cut would expire
    • Many tax credits would be eliminated
    • Payments to Medicare providers would be reduced
    • Social Security tax cuts would expire
    • Defense funding would be slashed
    • Funding for domestic programs would be cut
    • Many US companies would put off hiring and spend less
    • Jobless benefits for the longterm unemployed would be cut
    • The unemployment rate would shoot up
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  • 11/7: Fiscal cliff combines tax hikes, spending cuts
  • 11/14: What is the fiscal cliff and what happens if it takes effect?
  • Highlights of fiscal cliff taxes and cuts
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