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Have We Avoided The Fiscal Cliff?- What You Need To Know About The Fiscal Cliff Deal

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Have we avoided the Fiscal Cliff? It looks like for now we have. Here’s what you need to know about the new fiscal cliff deal to prepare yourself for 2013. We grabbed a few facts and changes. Are you affected by the Fiscal Cliff? 

Our friends over at the Washington Post have put together a few facts, and here’s what you should know:

Tax Rates Will Rise

Tax rates will permanently rise to Clinton-era levels for families with income above $450,000 and individuals above $400,000. All income below that will permanently be taxed at Bush-era rates.

The Tax On Capital Gains And Dividends Will Be Set

Taxes on Capital Gains and Dividends will be permanently set at 20 percent for those with income above the $450,000/$400,000 threshold. It will remain at 15 percent for everyone else.

New Estate Tax

The estate tax will be set at 40 percent for those at the $450,000/$400,000 threshold, with a $5 million exemption. That threshold will be indexed to inflation.

Tax Breaks Continue

The 2009 expansion of tax breaks for low-income Americans: the Earned Income Tax Credit, the Child Tax Credit, and the American Opportunity Tax Credit will be extended for five years.

 

Get a full list of the summary from The Washington Post by Clicking Here.

 

Check Out The Top Fiscal Cliff Memes

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