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Fiscal Cliff Notes

8:54 PM, Jan 1, 2013   |    comments
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ATLANTA -- For the vast majority, taxes will stay the same. Singles making more than $400,000 and couples earning more than $450,000 will see their taxes go up from 35 percent to 39.6 percent.

AMT, the alternative minimum tax that forced the middle class to pay more taxes has been permanently patched.

Charlie Harper, editor of Peach Pundit, a conservative political blog, says, "So less and less Americans will be subject to this alternative minimum tax that essentially has them paying higher rates."

After a two year break, the 2 percent payroll tax holiday expires. It goes back into effect immediately.

The estate tax will go from 35 to 40 percent, but the first five million dollars will not be taxed.

The farm bill is attached to the fiscal cliff bill, averting the crazy high milk prices.

Harper says republicans, "Should be very much claiming that this is their victory. It's what they've been fighting for for a decade. When the Bush tax cuts were passed, they were temporary. This makes them permanent."

But Harper says many republicans are focused on the less than one percent of Americans who will see a tax increase.

"Right now there's so much self defeating negativity coming out of the republican side, it really is kind of amazing that they can't realize that this is something they've been fighting for for a decade and they got 99% of what they wanted permanent."

 

 

 

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