Businesses that survived the Great Recession and the sluggish economy, are now reckoning with the fiscal cliff—more than $600 billion in spending cuts and tax increases coming January 2 if Congress doesn’t strike a deal.
The Congressional stalemate over the two top individual tax rates and rates on dividends and capital gains have been central to the dispute because many business owners (including those with S-Corps., partnerships, limited liability companies and sole proprietorships) pay taxes on their business profits through their individual tax returns.
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