The so-called fiscal cliff has been avoided, at least for the time being, and all it cost was a tax rate
increase on the nation's most productive taxpayers. Of course,
conservatives are disappointed, but one also needs to appreciate that
with all the Bush tax rate decreases set to expire automatically,
Democrats had Republicans over a barrel. That being the case,
Republicans didn't do so badly, considering. The higher rates that
would have kicked in at incomes above $250,000 (for marrieds, $200,000
for singles) will instead apply only to incomes above $450,000 (for
marrieds, $400,000 for singles). And the formerly temporary Bush rates
on incomes of $450,000 and below have now been made permanent.
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