If you still don't understand what the "fiscal cliff" is, a YouTube video has been released to help you.
The video, uploaded by the U.S. Chamber of Commerce, explains the effects of the fiscal cliff if legislation doesn't prevent it from taking effect Jan. 2, 2013.
The fiscal cliff would cause a family of four earning $50,000 a year to have federal income taxes rise by $2,100, David Chavern, executive VP and COO of the U.S. Chamber of Commerce, said in the video.
The video, which was released Nov. 15, explains the potential effects of the fiscal cliff simply for individuals, businesses and the economy.
"Add up all the looming tax increases and it's the highest federal tax hike in American history," Chavern said in the video.
He added: "If legislation doesn't go through, the fiscal cliff would plunge us back into recession in 2013."
- Should cash be part of your emergency fund?
- 3 reasons Utah is a great place for students
- Why the CEO of the Container Store pays...
- Top 10 insurance myths that people think are...
- How to take the scare out of the cost of...
- Should you install your own kitchen cabinets?
- 6 ways to jump-start your savings account
- 9 things we routinely overpay for
- Why the CEO of the Container Store pays... 9
- Americans still prefer male bosses 8
- Landlords may be charging pet fees just... 7
- 9 things we routinely overpay for 6
- Employers and job seekers might as well... 5
- Pay raises are more rare despite strong... 4
- Facebook is now helping its female... 4
- Egg freezing is now a perk of the... 4