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The fiscal cliff is simple the expiration of the big tax cuts enacted during the Bush Era. Most of these cuts were geared towards the 'rich'. The question everybody is asking is what happens if Congress is not able to reach an agreement with the Obama administration?
Well, first of all I think there will be an agreement however, if there is no agreement, taxes will hike for everybody. Yes, everybody from the rich to the poor. There will also be some major changes on spending.
What is more likely to happen is a compromise between the GOP and the White House, to come up with some kind of tax hikes. However, in his speech on November 9, 2012, Obama made clear he will not sign anything which punishes the "poor" to provide for the deficit and rewards the "rich". Now the question is what will be qualified as rich?
On the side of the economy, it seems we are still in a long haul and people can still get back on their feet by doing a debt settlement. With the uncertain market, banks and financial companies will be more than willing to settle your credit card or your second mortgage. Please give us a call at 510 742 5887 if you want our help on the matter.
Well, first of all I think there will be an agreement however, if there is no agreement, taxes will hike for everybody. Yes, everybody from the rich to the poor. There will also be some major changes on spending.
What is more likely to happen is a compromise between the GOP and the White House, to come up with some kind of tax hikes. However, in his speech on November 9, 2012, Obama made clear he will not sign anything which punishes the "poor" to provide for the deficit and rewards the "rich". Now the question is what will be qualified as rich?
On the side of the economy, it seems we are still in a long haul and people can still get back on their feet by doing a debt settlement. With the uncertain market, banks and financial companies will be more than willing to settle your credit card or your second mortgage. Please give us a call at 510 742 5887 if you want our help on the matter.
