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How Fiscal Cliff May Affect Your Taxes

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How Fiscal Cliff May Affect Your Taxes In a few weeks, tax laws U.S. taxpayers have enjoyed for more than a decade are scheduled to expire. Along with long-standing and historically low tax rates, several popular tax credits and deductions already have or will soon expire. That scenario is being described as a fiscal cliff. And if American taxpayers are nudged over that cliff by Congressional inaction, most of them will face dramatically higher tax bills.


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