Liberty Planet Weblog

Fiscal Cliff Budget Breakdown: Basic Overview

Posted on: December 31, 2012

Here are the basics:
Tax Increases: $221+105+95+65+18=
TOTAL: $504,000,000,000

Spending cuts: $65+26+11+105=
TOTAL: $207,000,000,000

We need $1,000,000,000,000 in spending cuts, not $2 Billion. The mainstream media says that we MUST avoid the fiscal cliff, but I disagree. If we continue this debt accrual, the entire US economy will fall off a cliff. The debt service alone is 20-25% of tax revenue. Increasing taxes by 20%, current plan, will certainly push us into recession/depression. Government is too big and spends too much.

$221B – Expiration of tax cuts
Expiration of tax cuts and the subsequent growth in the AMT: $221B (36.41%)

$105B – Other changes
Other changes (mostly revenue, primarily reflecting economic growth): $105B (17.30%)

$95B – Expiration of 2% FICA tax cut
Expiration of 2% FICA payroll tax cut: $95B (15.65%)

$65B Other expiring tax provisions
Other expiring tax provisions: $65B (10.71%)

$65B – Spending cuts
Spending cuts (“sequestration”) under the Budget Control Act of 2011: $65B (10.71%)

$26B – Expiration of unemployment insurance
Expiration of federal emergency unemployment insurance: $26B (4.28%)

$18B – Obamacare taxes
Affordable Care Act taxes: $18B (3.97%)

$11B – Reduction in Medicare
Reduction in Medicare payment for doctors: $11B (1.81%)

Source and Infographic: Democracy.info

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