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Event -- Danger Ahead? Taxes and the Fiscal Cliff

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Tuesday, October 2, 2012
Noon-1:30 p.m. ET

 

 

 

 

Panelists:

  • Howard Gleckman, resident fellow, Urban Institute; editor, Tax Policy Center’s TaxVox blog (moderator)
  • Robert Greenstein, president, Center for Budget and Policy Priorities; member, President Clinton’s Bipartisan Commission on Entitlement and Tax Reform
  • Douglas Holtz-Eakin, president, American Action Forum; former director, Congressional Budget Office
  • Donald Marron, director, Tax Policy Center; former acting director, Congressional Budget Office
  • Diane Lim Rogers, chief economist, Concord Coalition; former chief economist, House Budget Committee

Come New Year’s Eve, will that popping sound be champagne corks or an imploding economy?

As 2012 becomes 2013, more than confetti will be up in the air. Along with it will be the expiring tax cuts of 2001, 2003, and 2010, the end of the 2011 payroll tax cut, new taxes to pay for health care, and restoration of the Clinton-era estate tax. And if Congress doesn’t act, tens of millions of additional taxpayers will be subject to the alternative minimum tax (AMT) in tax year 2012 and others will see their AMT liability soar. On the spending side, sequesters in the Budget Control Act of 2011 will slash defense and social spending, and Medicare reimbursements to doctors will drop sharply. So whether one calls it a fiscal cliff, taxmageddon, or a train wreck in the making, the decision clock is winding down for policymakers, politicians, and the public.

What’s in store for taxpayers if Washington fails to act on the tax increases or if only some of them are repealed or deferred? A forthcoming Tax Policy Center analysis will have some of the answers. This forum’s panel will discuss the findings, debate what the presidential candidates and Congress should say and do, and forecast the fallout for the U.S. economy.

Resources:
- Bios
- Toppling Off the Fiscal Cliff: Whose Taxes Rise and How Much?
- Fiscal cliff table and graphs
- Video on the fiscal cliff
- Interactive graphic: Average federal tax rate by cash income percentile, 2013
- Interactive graphic: Change in average federal tax rate by cash income percentile, 2013
- William Gale: "The Fiscal Cliff? Let's Pass Right Over It"

At the Urban Institute
2100 M Street N.W., 5th Floor, Washington, D.C.
Lunch will be provided at 11:30 a.m. The forum begins promptly at noon.

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