Fiscal Cliff Update: House May Take Action Tonight

According to CNN, as of almost 6:45PM EST a House of Representatives “vote on either an amended version of the bill, which would add a package of spending cuts, or an up or down vote is likely to occur on Tuesday night, according to a GOP source. The source said House Speaker John Boehner presented those two options to his members.”

We can’t be sure whether our politicians just love the extraordinary attention or they are simply 100 percent disconnected from the peoples’ will to get this compromise done. Either way, if you think it’s going to be a while before legislation gets passed, you can read the 157 page Senate bill while you’re waiting for the next phase of the drama:

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If you don’t want to read the bloody details, here’s your Cheat Sheet to the deal as it was blessed by the Senate:

Income Taxes: The Bush Tax Cuts will remain in tact for single persons making up to $400,000 per year and married couples making $450,000. Tax returns greater than these amounts will see rates rise from 35 percent to 39.6 percent.

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Capital Gains Taxes: Capital gains taxes will rise from 15 percent to 20 percent for single persons making up to $400,000 per year and married couples making $450,000.

Unemployment Benefits: Jobless benefits for the long-term unemployed are extended for one year.

Tax Credits: These tax credits will receive a 5-year extension: the child tax credit, the earned income tax credit, and (up-to-$2,500) tax credit for college tuition.

Spending Cuts: $109 billion in cuts to the Defense budget and other government agencies will be delayed two months.

Estate Taxes: The top tax rate for estates will rise from 35 precent to 40 percent. The first $5 million is exempted for individual estates, $10 million for family estates.

Payroll Tax Cut: Is left to expire. This will restore the payroll tax to 6.2 percent.

Check back often for updates to the dynamic Fiscal Cliff situation.

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