Appendix

The first two charts provide a broad summary of the 2013 outlay and revenue impact of going over the fiscal cliff, according to the CBO. (The third one lays out some of the CBO's alternative scenarios.) The parenthetical percentages represent the scale of the dollar amounts relative to the fiscal year 2012 federal deficit.

The cliff in 2013: Some details (outlays)

$54 billion (5%)

--- Automatic spending reductions required by Budget Control Act of 2011

$34 billion (3%)

--- Expiration of extended unemployment benefits

$10 billion (1%)

--- 27 percent reduction in Medicare payments to physicians

Note: Numbers in parentheses represent the dollar amounts as a percent of the fiscal 2012 deficit.
Source: Congressional Budget Office


The cliff in 2013: Some details (revenue)

$225 billion (20%)

--- Reversal of "Bush" tax rate reductions, expanded credits and deductions; eliminate adjustment of the alternative minimum tax exemption levels

$85 billion (8%)

--- End 2 percentage-point reduction in payroll tax

$65 billion (6%)

--- End partial expensing of business investment property

$18 billion (2%)

--- ACA tax increases on earnings and investment income for high-income taxpayers

Note: Numbers in parentheses represent the dollar amounts as a percent of the fiscal 2012 deficit.
Sources: Congressional Budget Office


CBO's Alternative Fiscal Scenarios

In addition to the CBO documents noted above, you can find more detail on the tax provisions at TaxProf Blog.