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."
- 10 celebrity couples who have made marriage work
- 10 things to know about corporate inversions
- It's about time the government recognize the...
- Freelancers and millennials help usher in the...
- 15 jobs that are safe from the robot takeover
- 13 ways Disney could use drones at its parks
- 10 jobs you can get right now
- Summit County sees credit card breach after...
- 10 things to know about corporate... 32
- 3 ways insurers can still avoid... 13
- It's about time the government... 12
- Mimicking the airlines, hotels get... 9
- Cantwell targets small business loan... 4
- Applications for US unemployment aid... 4
- Freelancers and millennials help usher... 4
- Dave Ramsey says: Government unlikely... 3