The fiscal cliff debate thus far leaves the most vulnerable families quite close to the edge, Maag writes.
Fiscal cliff talks are at an impasse, and there has been talk that House Republicans will pass the Middle Class Tax Cut Act approved by the Senate last summer. It's a problematic and ineffective idea.
Some Democrats had sought an income threshold well above $250,000. But since the election campaign and in 'fiscal cliff' talks, that's the number President Obama has settled on. Here's what's behind it.
Tens of millions of Americans will face a huge tax increase when they file their 2012 tax returns early next year from the expiration of the temporary increase in exemption levels under the alternative minimum tax, Toder writes.
With income tax deduction caps among the ideas considered in the fiscal cliff debate, the challenge becomes to raise revenue without discouraging giving, Gleckman writes.
Politicians can fight over whether some households should be exempt from tax increases, Gleckman writes, but can they at least stop claiming that 98 percent of us are middle-class?
The political and economic ramifications are too big for Washington to let the large tax increases and spending cuts take effect. But this doesn't necessarily mean lawmakers will craft a decisive solution to the nation's fiscal woes.