{"id":35790,"date":"2012-11-21T16:30:08","date_gmt":"2012-11-21T16:30:08","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/most_households_will_face_fiscal_cliff_consequences_if_no_solution_found\/"},"modified":"2012-11-21T16:30:08","modified_gmt":"2012-11-21T16:30:08","slug":"most_households_will_face_fiscal_cliff_consequences_if_no_solution_found","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=35790","title":{"rendered":"(WSJ) Most Households Will Face &#39;Fiscal Cliff&#39; Consequences if no Solution Found"},"content":{"rendered":"<p>Most of the increases would result from the expiration of Bush-era tax cuts, which would cause marginal rates to rise. Simultaneously, several temporary tax breaks pushed by President Barack Obamaafter the financial crisis also would end.<\/p>\n<p>And most households\u201d\u201d121 million in all\u201d\u201dwould be hit by an increase in the payroll tax that employees pay to 6.2% from 4.2%.<\/p>\n<p>Also expiring at year-end is a provision to reduce the so-called marriage penalty, a set of tax provisions that require many couples to pay higher taxes when they file jointly. And millions more families&#8217; earnings this year would be subject to the alternative minimum tax. The AMT was originally intended to prevent the very wealthy from avoiding taxes but would apply to middle-class households if policy makers don&#8217;t renew a provision that expired last year.<\/p>\n<p><a href=\"http:\/\/online.wsj.com\/article\/SB10001424127887324851704578131413033855182.html\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most of the increases would result from the expiration of Bush-era tax cuts, which would cause marginal rates to rise. Simultaneously, several temporary tax breaks pushed by President Barack Obamaafter the financial crisis also would end. And most households\u201d\u201d121 million<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=35790\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,670,582,589,149,617,616,593,151,667,618,587,596,669,584,145],"tags":[],"class_list":["post-35790","post","type-post","status-publish","format-standard","hentry","category-economics-politics","category-budget","category-consumerconsumer-spending","category-corporationscorporate-life","category-economy","category-house-of-representatives","category-office-of-the-president","category-personal-finance","category-politics-in-general","category-president-barack-obama","category-senate","category-taxes","category-the-credit-freeze-crisis-of-fall-2008the-recession-of-2007","category-the-national-deficit","category-the-u-s-government","category-us-presidential-election-2012"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/35790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=35790"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/35790\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=35790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=35790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=35790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}