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Looming Tax and Spending Changes Cause Mounting Uncertainty

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It has been given different names: “fiscal cliff,” “taxmageddon,” all of which sound like the name of bad screenplays written by a tax lawyer or accountant.

However, the pending expiration of tax and spending provisions, implementation of across-the-board spending cuts, and need to raise the federal debt limit are real and will come to a head in the United States within the next several months.

This alert summarizes the possible consequences of these issues, especially the effect of their confluence, and analyzes possible outcomes.

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Mike McNamara and Michael E. Zolandz, members of Dentons’ Public Policy and Regulation practice, co-authored this article.