This is a subscriber-only article. Join Entrepreneur+ today for access

Learn More

Already have an account?

Sign in
Entrepreneur Plus - Short White
For Subscribers

Should Small Business Fear the Fiscal Cliff? (Opinion) Think concerns over the coming federal spending cuts and tax increases are overblown? Think again. Here's why.

By Scott Shane

Opinions expressed by Entrepreneur contributors are their own.

Should Small Business Fear the Fiscal Cliff Opinion
image credit: Shutterstock

At a recent House subcommittee hearing, several business owners and other experts warned Congress about the adverse effect that the looming "fiscal cliff" could have on U.S. small businesses. The "cliff" refers to $110 billion in automatic spending cuts and $440 billion in tax increases scheduled to hit the economy on Jan. 1. The more-than-half-a-trillion-dollar fiscal policy jolt to the economy may push the economy into recession in 2013, according to estimates from the nonpartisan Congressional Budget Office.

Looming fiscal-policy changes include:

Editor's Pick

Related Topics

Side Hustle

Anyone Can Start a Passive Income Side Hustle For Easy Money — But Only If You Know These 5 Essential Tips First.

The rise of digital automation technology has made starting a passive income side hustle easier and more accessible than ever before.

Marketing

Don't Just Babble on LinkedIn — You Need to Carve Out Your Own Niche. Here's Why.

To ultimately unlock the full potential of your LinkedIn experience, you need to establish yourself as a thought leader in a specific niche. This is why (and how).

Business News

This Company Promised to Transform Drive-Thrus With AI — But the Secret Powering Its Tech? Humans.

Presto Automation Inc., one of several major players in AI-ordering tech, has made headlines for using off-site employees in places like the Phillippines.

Growing a Business

How an Executive Coach Can Help You Set Better Goals — And Transform Your Business

Ways to enhance your competitive advantage — and psychological wellbeing — with the assistance of a seasoned, results-focused professional.

Living

How to Start a 'Million Dollar' Morning Routine

Restructure your morning with a few simple steps that may help to amplify your energy.

Business Ideas

55 Small Business Ideas to Start in 2023

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2023.