Tag Archives: taxes can be repealed when agreement reached

Economists say we could handle a tumble over the cliff

The start of 2013 may turn out to be far less bleak than feared. For one thing, the two sides may strike a short-term agreement before New Year’s that postpones spending cuts until spring. Even if no deal is struck before the end of the year, businesses and consumers would not likely panic as long as some agreement seemed imminent. The tax increases and spending cuts could be retroactively repealed. And the impact of the tax increases would be felt only gradually. Most people would receive slightly less money in each paycheck.

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