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Do You Like the Fiscal Cliff Deal?

The agreement reached between the White House and Congress doesn't address spending cuts and leaves another potential debt limit showdown on the table. It also increases taxes on income over $400,000. Is this a deal that works for you?

After a marathon holiday negotiation session, after grumbling by liberal senators and after a near-revolt by conservative representatives, the fiscal cliff deal was approved by the U.S. House of Representatives late Tuesday night. 

The bargain will increase taxes on income above $450,000 for families, increase capital gains taxes, permanently fix the alternative minimum tax, change the estate tax and provide some changes in deductions.

It also will extend unemployment benefits, earned income tax credits and other tax breaks for the working class. The Washington Post has a cheat sheet with all of the details.

Middle class taxpayers will still see a smaller paycheck in 2013; The payroll tax cut was not preserved as part of the fiscal cliff deal. That tax specifically pays into social security. If you make $50,000 a year, the payroll tax increase will cost you about $1,000. That has some liberal economists upset with the deal.

What do you think? Did the president give away the store by moving the top bracket tax increase from $250,000 to $450,000? Did House Republicans lose out by pushing spending cuts down the road by two months? Or is the sort of compromise you were waiting for? Tell us your thoughts in the comments section below.

Bev Menzer January 03, 2013 at 05:28 PM
I think none of them know what they are doing and we have to get rid of every single one of them and start over.
Amy January 03, 2013 at 09:13 PM
I hope no one is fooled by this fiasco. Everyone with a job will be taking home less money from thier paycheck.Taxing "the rich" for working hard and being successful will do nothing to bring down 14+ trillion in debt. Was this done just to punish success? It makes no sense. It's not going to help anything. Throw every one of them out!

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