Morning Update

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For those waking up this morning (January 2) wondering if the House passed the Senate bill, the answer is yes, they did. Thus, the country goes over the tax portion of the fiscal cliff, albeit a lower cliff than it was a few days ago.

Other fiscal cliffs remain – the debt ceiling cliff is coming in a month or two, the sequester cliff in March (the current bill puts off the automatic sequester cuts for two months), the farm bill cliff in September, and the expiration of jobless benefits in December. So the spectacle continues.

Details on the new law to follow later.

Topics:  Fiscal Cliff, Sequestration

Published In: Elections & Politics Updates, Finance & Banking Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Charles (Chuck) Rubin, Gutter Chaves Josepher Rubin Forman Fleisher P.A. | Attorney Advertising

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