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Forget talk of a "slope," says JPMorgan's Mike Feroli, it truly is a fiscal cliff. Real...
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Tuesday, December 11, 2012, 1:58 PM ETForget talk of a "slope," says JPMorgan's Mike Feroli, it truly is a fiscal cliff. Real disposable income would begin to contract at about a 4% annualized rate beginning January 1 even if the IRS allows tax withholding rates to for most to remain the same. Social security rates would likely still be raised, as would withholding for upper-end taxpayers. What's more, Treasury has no authority to unilaterally extend unemployment benefits.
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