2012 Fiscal Summit Briefing Book: Fiscal Events, Facts, and Charts

May 15, 2012

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Key Year-End Fiscal Events

 
 
 
Budgetary Impact (in Billions)1
Date
Item
Description
One Year
(2013)
Ten Years
(2013-22)
12/31/2012
"Bush" Tax Cuts2
Tax cuts passed in 2001/2003/2009 and extended in 2010 will expire.
$108 $3,345
12/31/2012
AMT
30 million taxpayers will be subject to AMT in 2012 if AMT is not indexed for inflation.
$90 $937
 
 
Interaction between "Bush" Tax Cuts and AMT.
$35 $1,072
12/31/2012
Other Expiring Taxes3
Several other tax provisions will expire if not extended.
$79 $1,011
12/31/2012
"Doc Fix"
Medicare's physician reimbursement rates will fall 27% if "Doc Fix" is not extended.
$19 $372
1/2/2013
BCA's Automatic Spending Reductions
Reductions on defense and nondefense spending.
$66 $1,172
 
 
 
$396 $7,909
Other Fiscal Events
Late 2012-
Early 2013
Debt Limit
Federal government will hit the $16.4 trillion debt limit.
   
12/31/2012
Payroll Tax
Holiday
Payroll tax rates will rise 2 percentage points when temporary holiday ends.
   
1/2/2013
UI benefits
Long-term unemployment benefits will be scaled back when temporary benefits end.

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