Fiscal Cliff

     If I were to explain to one of my teenage peers about what the Fiscal Cliff is and why it exists is by first explaining the beliefs of both the Democrats and Republicans. When they can't come to an agreement about spending and spending in general, the Fiscal Cliff comes in. The Fiscal Cliff is what forces both sides to come to an agreement by a certain date, which, in this case is January 1st, about taxes. The Democrats will argue that we should have higher taxes so that the money can spread more, especially from the wealthy, and can go to important lifestyle things such as the hospital and schools. The Republicans will argue that we need less taxes so that people can get a higher income and have the option or ability to spend on anything they want or need. However, if both sides do not come to an agreement by January 1st, it will automatically go to making higher taxes and decreased income.
     The ATM is a tax that is added to the regular tax pay some people do or have. It's to prevent people who earn higher incomes from whatever job or occupation they have from using certain tax benefits to magically have them pay less than everyone else or to none of a regular tax. This is what the Congress are in charge of, so until they announce something, anyone is a potential target to the ATM. The Fiscal Cliff is involved with this act too.
     The Fiscal Cliff, again, must be decided by January 1st, 2013 (I cannot believe it's already almost 2013!!!). Once decided, it will either move on to whatever request the Democrats and Republicans have come up with, or it will automatically be pressured against the people to pay high taxes. The ATM is to be thought about as well.