Fiscal Cliff Deal: A Mixed Bag for Business Owners

Photograph by Thomas Barwick

Congress pulled off a narrow escape for the U.S. economy this week, averting a fall off the so-called fiscal cliff. The New Year’s Day deal includes bad news and good news for entrepreneurs: Despite its billing as a tax hike on the wealthy, the deal actually raises taxes on 77 percent of U.S. households, thanks to the expiration of a payroll “tax holiday” passed in 2011.

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