The economic threat that's kept many Americans on edge for months is nearing reality unless the White House and Republicans cut a budget deal by New Year's Day.

Even if New Year's passed with no deal, few businesses or consumers would likely panic as long as an agreement seemed likely soon. The tax increases and spending cuts could be retroactively repealed after Jan. 1. And the impact of the tax increases would be felt only gradually. Most people...

A look at some of the major taxes and fees, estimated to total nearly $700 billion over 10 years.

The impending fiscal cliff could affect your taxes in 2013.