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The Chamber View: Going over the ‘fiscal cliff’ would hurt

December 8, 2012
By PAMELA TUMPAP , for The Maui News

At midnight on Dec. 31, 2012, the terms of the Budget Control Act of 2011 are set to go into effect, commonly referred to as the "fiscal cliff," kicking in a reported $607 billion in automatic annual tax increases and spending cuts. This means that certain tax cuts will end, increasing costs for taxpayers and businesses. For example, the end of the temporary payroll tax cuts will result in a 2 percent tax increase for workers. In addition, spending cuts agreed to in 2011 will also go into effect.



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