PayROLLLL tax Holiday: So if I were to explain this to someone from my school i would keep it as simple as it appears to be. Baisically the Payroll tax holiday is when the government takes a certain percentage of money out of your pay check. This money was used to help you pay for the things that you need, like gas and food or rent. But now that gas prices have risen the question is to continue this payroll holiday or not, because people are wondering how much they are actually benifiting from it now.
Sequester: The sequester is started with the BCA (Budget Control Act). The act was made to cut the cost of certain things like the defense spending or medicaid to save the money that we are in debt with. The goal is to have 1.2 trillion dollars by the time 2021 starts. The act begins on January 1 2013. And an estimated amount of the budget cuts that we will be having in the year of 2013 is around 109 billion dollars.
AMT: It stands for Alternative Minimum Tax. Its baiscially another part of taxes that people will have to pay to make sure that the people who have very high income pay their taxes instead of using special tax benifits to pay little or no taxes. But now it is hitting the regular person who pays their normal taxes every year like they are supposed to but now they have to pay that extra tax money.
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