On December 31, 2012, billions of dollars in tax cuts are set to expire at the same time as automatic spending cuts take effect in education, health care, job training, and other critical programs. Both parties will need to reach a deficit-reduction deal by the end of the year to avoid this “fiscal cliff.”1 Without an agreement, the economy could suffer tremendously from both middle-class tax increases and cuts to critical program.2 Experience demonstrates that downturns affect young Americans disproportionately, and they therefore have a major stake in the outcome. Below we explain how the tax provisions at stake affect our generation.
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