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