The fiscal cliff, which will begin on Friday and end in October, could be the last major political crisis we see in America before the presidential election.
But before we can talk about the politics of this looming crisis, let’s examine what it means for the country’s economy.1.
It’s a tax hike, not a budget cut or entitlement cuts.
There’s no question that President Obama and congressional Republicans are committed to raising taxes on the middle class and wealthy.
But Republicans also believe that their plan would hurt working-class people in the short term.
The problem is that the middle classes and wealthy will still be hurt by a steep tax hike on the wealthy.
As Vox’s Ezra Klein has written, “The tax hikes would disproportionately hit people who are middle class.
They would disproportionately hurt people who earn less than $30,000 per year.”2.
It would have a disproportionate impact on people in states with a strong Democratic tradition.
Republicans have consistently called for an increase in the federal minimum wage, which currently stands at $7.25 per hour.
And in 2013, the House passed a bill that would have increased the minimum wage to $15 an hour.
The Senate has voted in favor of a similar bill that has been vetoed by the president, which is not unusual.
But the Senate bill would have reduced the number of workers in states that already have a higher minimum wage.
That would have disproportionately affected people who make $30-an-hour or more, including low-wage workers in the manufacturing sector and those in low-skill occupations.3.
The tax hikes could affect more people than just the wealthy and the middle.
Tax hikes have long been considered a Republican tax tool.
In the 1930s, Republican President Franklin Roosevelt signed a bill extending unemployment benefits to 1 million people who lost their jobs due to the Great Depression.
That was an early example of what’s known as a “tax cut for everybody.”4.
Republicans could also benefit from the fact that the economy is growing and that tax revenues have been growing in recent years.
If the economy grows, Americans are more likely to save and spend more, and that will help the economy in the long run.
Inflation and unemployment have both been declining in recent decades, which has helped lift the average tax burden on the average American.
But as Vox’s Dylan Matthews writes, there’s one major caveat.
As inflation increases, Americans save less and spend less.5.
The revenue increases could help to shore up the debt.
Since the debt is currently at a record $1.3 trillion, Republicans argue that their tax plan will provide relief for the middle-class.
But it’s also possible that this plan could make the deficit even larger than it is now, since it will likely cut spending on social programs and taxes.
It won’t raise taxes on everyone.
Some Republicans have called for higher taxes on millionaires, billionaires, and the top 1 percent of Americans.
But that doesn’t necessarily mean that everyone would see an increase.
A recent study by the nonpartisan Tax Policy Center found that wealthy people would pay more than half of their income taxes, while middle- and lower-income Americans would pay less than half.7.
The biggest losers from the tax hikes will likely be the working class.
Democrats are trying to highlight the fact, based on the evidence, that the tax increases will be beneficial to working- and middle-income families.
But the nonpartisan Joint Committee on Taxation has found that “the largest net benefits to families are likely to be from the $250,000 tax cut, with $250 million in tax cuts for individuals.”
The group also found that the average middle- class family would see a $400 tax cut.
The Tax Policy Institute found that millionaires would receive a $2,700 tax cut over the next decade, while the average working- or middle-middle-class family would receive $2.4 million in cuts.8.
There’s also the possibility that some of the revenue increases will actually lead to higher taxes.
According to a report by the Center on Budget and Policy Priorities, “some of the biggest winners from the fiscal cliff will likely come from the wealthiest Americans, particularly from large corporations, the highest earners and the richest households.”
There are two important caveats to all of this.
First, as with all taxes, there will be winners and losers.
And if Republicans succeed in raising taxes to pay for this tax increase, they will be the ones who will suffer the biggest.
Second, there are also a lot of middle-aged Americans who may end up with a higher tax bill, which could make it harder for them to afford health insurance or even to pay rent.9.
This tax hike won’t help everyone.
While Republicans argue they will help everyone, some studies have shown that it could actually hurt lower- and moderate-income people more.
For example, a 2013 study by researchers at the