Highlights of 'fiscal cliff' deal
The Associated Press
Print This |
Email This
Recent Headlines
8th UPDATE — Canadian truck with permit to cross saw bridge collapse in his rearview mirror [**GALLERY**] -- 5/24/13 -10:47 AM
5th UPDATE — I-5 bridge collapses near Mount Vernon, tossing people, vehicles into Skagit River. 3 injured, no deaths -- 5/23/13 -11:54 PM
LEE HORTON'S OUTDOORS COLUMN: Halibut derby this weekend -- 5/23/13 -06:31 PM
Hundreds attend funeral of Port Angeles teen -- 5/23/13 -05:53 PM
Juan de Fuca Festival brings performers to Peninsula from around the world -- 5/23/13 -05:57 PM
Estate tax: Estates would be taxed at a top rate of 40 percent, with the first $5 million in value exempted for individual estates and $10 million for family estates. In 2012, such estates were subject to a top rate of 35 percent.
Capital gains, dividends: Taxes on capital gains and dividend income exceeding $400,000 for individuals and $450,000 for families would increase from 15 percent to 20 percent.
Alternative-minimum tax: Indexes it for inflation to prevent nearly 30 million middle- and upper-middle-income taxpayers from being hit with higher tax bills averaging almost $3,000.
Other tax changes: Extends for five years expansions of the child-tax credit, the earned-income tax credit, and an up-to-$2,500 tax credit for college tuition. Also extends for one year accelerated "bonus" depreciation of business investments in new property and equipment, a tax credit for research-and-development costs and a tax credit for renewable energy such as wind-generated electricity.
Unemployment benefits: Extends jobless benefits for the long-term unemployed for one year.
Cuts in Medicare reimbursements to doctors: Blocks a 27 percent cut in Medicare payments to doctors for one year.
Social Security payroll-tax cut: Allows a 2 percentage-point cut in the payroll tax first enacted two years ago to lapse.
Across-the-board cuts: Delays for two months $109 billion worth of across-the-board spending cuts set to start striking the Pentagon and domestic agencies this week.
Last modified: January 02. 2013 12:40PM
To register a complaint about a comment, email moderator@peninsuladailynews.com and refer to the article and offending comment, or click here: REPORT ABUSE.
Peninsuladailynews.com comments are subject to the Peninsuladailynews.com User Policy.