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The Democrats in the House today asked for a straight up or down vote on the Senate’s version of the fiscal cliff bill. Eric Cantor, the number two Republican in the House of Representatives, is opposed to the Senate’s version of this bill and that could be critical. How does the fiscal cliff bill impact Americans? In its current form the bill does several things:
- Ends payroll tax cuts
- Hikes taxes for income above $450,000/yr
- Makes the Alternative Minimum Tax permanent
- Extends unemployment benefits
- Postpones defense and non-defense spending cuts
Ed Butowsky, wealth manager, financial advisor, and managing partner of Chapwood Investment Management, joins Fox News to help explain what the economic impact of the fiscal cliff bill if it were to pass at this point in time.
Ed Butowsky is the managing partner of Chapwood Investment Management and is an internationally recognized expert in the investment wealth management industry. Ed is also a frequent guest on other networks such as CNN, NBC, ABC, Fox News, Fox Business, and Bloomberg to name a few.
Tags: alternative minimum tax, democrats, economic impact, ed butowsky, financial advisor, fiscal cliff, fox news, money, payroll tax cuts, republican, spending cuts, unemployment benefits, wealth manager