What is the 'fiscal cliff?'

POSTED: 11:50 AM Nov 09 2012   UPDATED: 8:28 AM Dec 31 2012

Confused by all this talk of a "fiscal cliff" and what it means to you? As lawmakers in Washington try to beat tonight's deadline, here are some answers.

Taxes, tax forms
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Bush Tax Cuts -- The Bush tax cuts are also set to expire on Dec. 31. As a result, income taxes will go up in every income bracket, credits such as the child tax credit and earned income credit will be no more, estate tax parameters will revert to pre-2001 levels and the capital gains rate will rise.

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