Certified financial planner Wes Moss provides personal finance advice and accessible investment strategies. His guest post appears here weekly.
Last week’s “fiscal cliff” drama may seem old news by now. You watched or read about the back and forth in Congress and maybe even studied the main points our lawmakers approved.
But here’s a scorecard on what the deal means for those of us trying to keep our family or business finances in check or wanting to plan our investments. Let’s start with the good stuff (depending on your point of view, of course):
The (mostly) positives
– The bottom line is Congress finally passed legislation to avoid massive tax hikes and deep government spending cuts, which almost certainly would have triggered another recession.
– An estimated 90 percent of the “new tax revenue” to be collected by our government this year will come from families who earn $1 million or more.