Changes

*allows the 2% payroll tax reduction to expire

*allows the 2% payroll tax reduction to expire

*adopts a permanent fix to the Alternative Minimum Tax

*adopts a permanent fix to the Alternative Minimum Tax

*adopts a permanent adjustment to the reimbursement to doctors under medicare

*adopts a permanent "doc fix" adjustment to the reimbursement to doctors under medicare

*allows taxpayers to convert 401(k) retirement plan balances to Roth 401(k) plans (thereby accelerating the payment of taxes)

*allows taxpayers to convert 401(k) retirement plan balances to Roth 401(k) plans (thereby accelerating the payment of taxes)

On January 4, 2013, the CBO issued a summary of the impact of the law.<ref>{{cite news|url=http://thehill.com/blogs/on-the-money/economy/275095-cbo-fiscal-cliff-deal-carries-4-trillion-price-tag|title=

On January 4, 2013, the CBO issued a summary of the impact of the law.<ref>{{cite news|url=http://thehill.com/blogs/on-the-money/economy/275095-cbo-fiscal-cliff-deal-carries-4-trillion-price-tag|title=

CBO: 'Fiscal cliff' deal carries $4 trillion price tag over next decade|first=Peter|last=Schroeder|work=The Hill|date=January 1, 2013|accessdate=January 3, 2013}}</ref>  It found a $3.9 billion increase in the deficit over 2013-2022 compared with the existing law allowing the economy to "go over the cliff."  However, it projected a -0.5% immediate GNP hit on the economy under the existing law compared with a 1.5% to 1.75% GNP growth under the new law in 2013.  Over the long term, the CBO projects that the new law, GNP "would be 1.7 percent lower in 2022 than would have been the case under prior law."<ref>{{cite web|url=http://www.cbo.gov/publication/43835?utm_source=feedblitz&utm_medium=FeedBlitzEmail&utm_content=812526&utm_campaign=0|title=The “Fiscal Cliff” Deal|work=Congressional Budget Office|date=January 4, 2013|accessdate=January 6, 2013}}</ref>

CBO: 'Fiscal cliff' deal carries $4 trillion price tag over next decade|first=Peter|last=Schroeder|work=The Hill|date=January 1, 2013|accessdate=January 3, 2013}}</ref>  It found a $3.9 billion increase in the deficit over 2013-2022 compared with the existing law allowing the economy to "go over the cliff."  However, it projected a -0.5% immediate GNP hit on the economy under the existing law compared with a 1.5% to 1.75% GNP growth under the new law in 2013.  Over the long term, the CBO projects that under the new law, GNP "would be 1.7 percent lower in 2022 than would have been the case under prior law."<ref>{{cite web|url=http://www.cbo.gov/publication/43835?utm_source=feedblitz&utm_medium=FeedBlitzEmail&utm_content=812526&utm_campaign=0|title=The “Fiscal Cliff” Deal|work=Congressional Budget Office|date=January 4, 2013|accessdate=January 6, 2013}}</ref>

== See also ==

== See also ==