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Details of the Tax Cliff Resolution

  1. Bush rates end for incomes >0K (individuals) and >0K (families);

  2. Capital gains and dividend taxes move from 15% now to 20% (plus the Affordable Care Surtax for certain income brackets);

  3. The sequester is delayed 2 months;

  4. Unemployment benefits extended for one year;

  5. One year Medicare “doc fix”;

  6. The “dairy cliff” will be averted;

  7. Personal exemptions phased out for individuals making >0K;

  8. The estate tax would rise to 40% from 35% (w/the first M exempted);

  9. The AMT would be fixed permanently (it will now be permanently indexed for inflation);

  10. Certain tax breaks for working families are extended.

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