What is the Fiscal Cliff? Everything You Need To Know



Last August, President Obama and Congress put the U.S. economy on course to go over a “fiscal cliff.” WSJ’s David Wessel tells you everything you need to know about the “cliff” but were afraid to ask.
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46 Comments

  1. basically, if you increase taxes then you get a larger percentage of income in tax revenue. As a result productivity might decrease because that person loses the incentive to make as much money because he'll lose it in taxes anyway. As a result tax revenue may actually go down through lost productivity.

  2. I was looking at that ravine and the thought occurred to me that good engineering and construction could build a bridge across it. So how about politics give way to good economic engineering and construction – or am I just asking for too much?

  3. The other thing is that this video presumes that it's the govt's responsibility to be involved in health care. Also, it presumes that we still have to have a debt-money system. There's empty factories, people wanting to work there, companies having parts…..yet no money to run any of it, so we don't produce. It's because society has turned the dollar into the wealth itself, instead of the dollar representing a good or service being produced.

  4. At around 2:30 he mentions that if you cut every govt employee, it would only reduce the deficit by 1/3, but he's not taking into account all the other money that those agencies spend. The dept of Education has employees, yes, but what about their operating expenses? I didn't see that included in his calculations; whether or not to close govt departments to solve the problem. Here's an idea: coin your own money, Congress! Stop borrowing money into existence at interest to begin with. Duh.

  5. Thanks for raising my payroll taxes republicans… and you said you are for lower taxes.. yeah right. The GOP is really is only for lower taxes for the rich… See if you ever get my vote again.

  6. I noticed you continued to emphasize the change in the wealthy being taxed. The wealthy had many years to help the economy, but instead for the past 4 years unemployment rates have went up not down without them being heavily taxed on top of the small business credits Obama gave out. So preaching that "oh the wealthy are the only ones that are helping the economy" BS isn't cutting it.

  7. when are u going to wake up and smell the coffee and realize that it's the government mismanagement? the government is overspending, wasteful and corrupt. the government is the one who spent all the social security payment we make every year – even if you CONFISCATED (not just taxed) THE ENTIRE wealth of the billionaires it would NOT EVEN PAY FOR ONE YEAR of the government's rampant spending

    it's the government that wants it to be the poor vs. rich to cover their own ass, and u r sucking it in

  8. i agree with you on it being the rich vs the rest. but saying republicans only want to help their rich friends is arrogant and prejudiced. i don't want to help them, but i also think that i deserve the money i make for the job that i have. i don't want drug dealers, lazies, fatties, etc. taking my money because they don't want to get a job. they need to contribute to the country that they live in. that's why i vote republican. although i do hate the idea that the rich get a break.iwanted ronpaul

  9. CONTD.

    Property Tax
    Real Estate Tax
    Recreational Vehicle Tax
    Road Toll Booth Taxes
    Road Usage Taxes (truckers)
    Sales Taxes
    School Tax
    Septic Permit Tax
    Service Charge Taxes
    Social Security Tax
    State Income Tax
    State Unemployment Tax (SUTA)
    Telephone Federal Excise Tax
    Telephone Federal, State and Local Surcharge Taxes
    Telephone Federal Universal Service Fee Tax
    Telephone Minimum Usage Surcharge Tax
    Telephone Recurring and Nonrecurring Charges Tax
    Telephone State and Local Tax

    TO BE CONTD.

  10. 14.3% tax huh:

    Accounts Receivable Tax
    Building Permit Tax
    Capital Gains Tax
    Cigarette Tax
    Court Fines (indirect taxes)
    Dog License Tax
    Federal Income Tax
    Federal Unemployment Tax (FUTA)
    Fishing License Tax
    Food License Tax
    Fuel Permit Tax
    Gasoline Tax (42 cents per gallon)
    Hunting License Tax
    Inheritance Tax
    Interest Expense (tax on the money)
    IRS Penalties (tax on top of tax)
    Liquor Tax
    Local Income Tax
    Luxury Taxes
    Marriage License Tax
    Medicare Tax

    TO BE CONTD.

  11. I didn't spend any money. The Gov should be in prisioned for conterfiting money, and writing hot checks. I didn't print any money to go on vacations, or to buy expensive things. So I"m not accountable for someone writing hot checks. Also GM is a CANADIAN company. So we give billions to GM of CANADA and I have to be taxed for treason too. WTF.

  12. It seems free because they have given themselves several trillion dollars and several years to default….
    I mean, which borrower in serious debt can decide to borrow more, and borrow longer, and the banks and other debtees can't do anything about it?

  13. Well, it looks like the fiscal cliff may yet be averted. Both Houses have now voted to approve the latest version of the fiscal cliff bill. It's now up to the president to sign it and make it official. 🙂

    And it's completely ridiculous that it took THIS long to get it done. Exactly what hold did Norquist have on the Republicans that they all agreed to make that silly pledge on no tax raises? Is he THAT charismatic? Is he paying the GOP for all of this? Does he give good head? WHAT is it???

  14. The republicans only want to help their rich friends. The richest Americans pay only 18% income tax while the police officer and nurse pay 38%. How can anyone vot Republican? The poorest 60% of the Americans own only 2% of the total wealth of the USA while the 300 richest Americans own 50% of the wealth. Incredible. Don't let them fool you.

  15. Did you know that 40% of the poorest Americans own only 0.5% of the total wealth of the USA? 60% of the poorest Americans own only 2%. And the 300 RICHEST Americans own 50% of the total wealth of the USA. Most Americans live from check to check and own JACK SHIT! And still the richest Americans only pay 18% income tax while the police officer and nurse pays close to 40%.
    WAKE UP MY AMERICAN FRIENDS

  16. It is the superrich vs the rest. The elite are using these themes to occupy the people so they can fill their pockets. They don't give a CRAP about race, religion or moral values. They only care about the greenbacks. They only care about themselves and their friends. It is pure greed. Even billionaires do their best to add more billions to their account. they want more for themselves and less for the rest.

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