President Obama gave a victory wink, Republican pundits lamented a month's long retreat on taxes that ended in dozens of GOP Congressmen voting to approve what is called the largest tax hike in four decades.
The fiscal cliff deal sets rates so we won't have to deal with expiration of "Bush Era" tax cuts. The Bush Era rates are now the rates, except for the well-to-do's and the lah-de-dahs who will pay more...
However, we all pay more as the FICA payroll tax balloons back to 6.2% and Hollywood gets a tax break on production of movies and so does NASCAR. As usual there are a lot of little arrangements tucked away in a bill most don't read till after the vote.
On to the next cliff !
Fiscal cliff deal: Republicans 'surrender' on tax cuts and Obama heads back to restart Hawaii vacation | Mail Online