Monday, December 31, 2012

DC Deal On Taxes To Avert Cliff Splits The Difference


So it now looks like congressional leaders are zeroing in on an 11th hour deal to avert the fiscal cliff (a term aptly coined by Bernancke).

Taxes will go up -- it's just a matter of what the income cutoff point will be.

And word is that it won't be $200,000 in annual income or even $250,000 or even $300,000. But it won't be as high as a million dollars either.

Instead, we hear that the cut will come in at $400,000 for individuals and $450,000 for families.

If you make that much or more, it now seems that your taxes will go up.

Let's see what happens in the remaining hours as they try to move this through Congress.

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