Mention of the “Fiscal Cliff” is all over the news these days.
But, do you have any idea what the “Fiscal Cliff” is referring to?
According to About.com, the “Fiscal cliff” is “the popular shorthand term used to describe the conundrum that the U.S. government will face at the end of 2012, when the terms of the Budget Control Act of 2011 are scheduled to go into effect.“
These “terms” include: end of payroll cuts, the end of certain tax breaks for businesses, shifts in the minimum wage and more.
U.S. lawmakers don’t have a lot of attractive options, but they need to make some decision soon. (See the About.com article to read all of the details.)
If they reach a deal, then that will be good news for our economy and good news for small business owners.
Check out this article called “Three immediate small business implications if Congress can reach a fiscal cliff deal” by John Paglia and learn what immediate benefits could come to you if they can reach a deal…
“President Obama has launched a series of campaign-style events intended to gather input from small businesses and middle-class Americans regarding looming tax increases and budget cuts. And while there have been gestures toward a compromise between the president and Republican lawmakers, there is no clear end in sight.”
“Paglia notes that economic uncertainty is one of the main culprits for the slow pace of small business hiring. Meanwhile, the clock ticks closer to the end of the year, when all the changes are scheduled to take effect.”