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US Congress Passes "Fiscal Cliff" Law

PUBLISHED BY: SURENDER KUMAR
JANUARY 02, 2013

   
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The US Congress has approved a rare tax increase that will hit the wealthiest people. It is part of a budget deal that is expected to save the USA from deep fiscal crisis and recession. The Republican-domianted House of Representatives has approved a bill that fulfills Prez Obama's re-election promise to raise taxes on top earners.

 

 

The Senate had passed the measure earlier and Obama is expected to ratify it to make it a law shortly. The US will no longer go over a "fiscal cliff" of tax hikes and spending cuts but other budget battles lie ahead in the next two months. The deal shatters two decades of Republican anti-tax thinking by raising rates on the wealthiest even as it makes cuts for everybody else permanent.




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