On January 1, 2013, the largest tax increase in American history is scheduled to occur. It includes increased income taxes, estate taxes, Obamacare taxes, Medicare taxes and social security taxes. In addition, $1.2 trillion of Federal government spending cuts are mandated over ten years. That means $120 billion in spending cuts are scheduled for 2013. According to the nonpartisan Congressional Budget Office, if the US does not repeal these taxes and spending cuts, the country will fall off the"fiscal cliff." Falling off the fiscal cliff will result in a recession starting in 2013 with unemployment in the 9.1% range and as much as 2.9% contraction of economic growth in the first half of 2013.