I am receiving a lot of calls about the fiscal cliff. First, I am sure they will pass something, possibly by even today December 31st extending the Bush-era tax rates for most people (those earning less than $400,000 or $450,000).
There's lots of finger pointing going on over all this, but I don't think either party wants to have to deal with the consequences of letting this thing go 'over the falls'. This is just too big a political risk.
Even if nothing gets done by 12/31, that doesn't mean we 'go over'. When the bill is passed it will most likely be retroactive to January 1, 2013. So, if a deal is cut on January 10th it would still be as if it was passed on January 1st.
I will keep you apprised on what is happening as we get it. Don't let it spoil the New Year's fun.
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