Nearly 90% of Americans would face higher taxes next year unless Congress passes legislation in a lame-duck session, according to a new report.
The tax changes are part of what has come to be known as the "fiscal cliff," a range of temporary tax-break expirations and government-spending cuts. The coming changes are set on auto-pilot; they were put into place by U.S. lawmakers who could not agree on permanent compromises.
Economists are virtually unanimous in saying that unless Congress changes course before Dec. 31, the country will be driven over an economic "cliff" and into a new recession.
Read more at OPB.