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.
Opinions expressed by Entrepreneur contributors are their own.
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: