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Chicago Fed Letter, No. 321, April 2014
The Fiscal Cliff and the Dynamics of Income
At the end of 2012, certain income tax policies were set to end and others to become effective. Central among these was the planned expiration of the 2001 and 2003 tax cuts (the “Bush tax cuts”), which had been extended for two years in 2010.


Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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