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Fiscal Cliff 2013 - 11th Hour, Last Minute Deal?

By Staff
Dec 31, 2012
President Obama wants an 11th hour deal.

Is there a deal to avoid the fiscal cliff that is scheduled to kick in at 12:01 am on 1-1-2013?

Maybe.

WaPo has this headline: "Obama says 'fiscal cliff' deal is within sight but some issues still unresolved."

The claim - tax hikes will be avoided by almost everyone with the exception of couples who earn income over $450,000 a year, and individuals who earn $400,000 a year or more.

The snag is still in the spending, the report from the Washington Post reveals.

The Weekly Standard cites a senior Republican Senate aide who "passes along the tax terms of the deal being worked out by Democrats and Republicans on Capitol Hill and the White House to avert the fiscal cliff."

The report claims these terms are "locked," says the source, between Senate Republicans and the White House:

· Permanent extension of current rates on income below $400k (singles) and $450k (married).

· Permanent 15% rate on cap gains and dividends for income below $400k (single), $450k (married).

· Permanent 20% capital gains & dividends for those above $400k (single), $450k (married).

· Permanent death tax at $5M exemption but a 40% Rate (as of tomorrow, exemption would be on estates valued at $1m at a 55% rate)

· Permanent AMT patch

· One year extension of 50% Bonus Depreciation

More details.

(Image: WENN)

 

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