House Votes 'Yes' on Senate 'Fiscal Cliff' Bill - The Blaze - The Republican-controlled House is preparing a vote tonight on the “Job Protection and Recession Prevention Act of 2012,” the “fiscal cliff” bill passed last night at 1:58 a.m. ET by the U.S. Senate. Preparation for the House’s passage of the “fiscal cliff” deal struck by the Senate has been marked by confusion and anger from conservative leaders. “I do not support the bill. We are looking, though, for the best path forward,” House Majority Leader Eric Cantor (R-Va.) said after a meeting with the party’s rank-and-file. Some believe his decision to speak out against the bill while Speaker Boehner (R-Ohio) has remained relatively silent may signal that Rep. Cantor has his eyes on the speakership. A handful of GOP House members fought to amend the Senate bill so that it would include more cuts. However, Senate Majority Leader Harry Reid (D-Nev.) vowed that he would “absolutely not take up the bill” if it involved amendments to the Senate’s original “cliff” deal. Read more.......
Details of Senate Bill Averting Fiscal Cliff - Newsmax - Highlights of a bill approved Tuesday by the Senate aimed at averting wide tax increases and budget cuts scheduled to take effect in the new year. The measure would raise taxes by about $600 billion over 10 years compared with tax policies that were due to expire at midnight Monday. It would also delay for two months across-the-board cuts to the budgets of the Pentagon and numerous domestic agencies.
The House is expected to vote on the bill Tuesday or Wednesday.
—Income tax rates: Extends decade-old tax cuts on incomes up to $400,000 for individuals, $450,000 for couples. Earnings above those amounts would be taxed at a rate of 39.6 percent, up from the current 35 percent. Extends Clinton-era caps on itemized deductions and the phase-out of the personal exemption for individuals making more than $250,000 and couples earning more than $300,000.
—Estate tax: Estates would be taxed at a top rate of 40 percent, with the first $5 million in value exempted for individual estates and $10 million for family estates. In 2012, such estates were subject to a top rate of 35 percent. Read more.......
House Votes 'Yes' on The Senate's 'Fiscal Cliff' Bill
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