Sunday, December 16, 2012

The Fiscal Cliff: What All Parents Should Know « MomsRising Blog

The Fiscal Cliff: What All Parents Should Know « MomsRising Blog:


The Fiscal Cliff: What All Parents Should Know

By now, most people who pay attention to the news have heard about the “fiscal cliff.” The problem: Most people don’t know what the fiscal cliff actually is, or how it will impact their families.
The term “fiscal cliff” is shorthand for a series of events that will occur at the end of 2012 that will impact how the federal government operates. These include automatic, across-the-board cuts to funds for schools with low-income and special needs students; increases in income taxes and the payroll tax, which fall primarily on middle-income families; decreases in tax credits to support working families and children; and the expiration of unemployment insurance benefits that help those experiencing long-term unemployment, including aid to many of the parents of the 6.2 million children who are living with unemployed parents.

How did we get here? It’s easy to forget that the way our government collects and spends its revenue is largely a statement about our values and priorities as a country. For example, the federal government invests $25,455 for 

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