It has been given different names: “fiscal cliff,” “taxmageddon,” all of which sound like the name of bad screenplays written by a tax lawyer or accountant.
However, the pending expiration of tax and spending provisions, implementation of across-the-board spending cuts, and need to raise the federal debt limit are real and will come to a head in the United States within the next several months.
This alert summarizes the possible consequences of these issues, especially the effect of their confluence, and analyzes possible outcomes.
Mike McNamara and Michael E. Zolandz, members of Dentons’ Public Policy and Regulation practice, co-authored this article.
Subscribe and stay updated
Receive our latest blog posts by email.
