Roundup of Senate-Approved Fiscal Cliff Deal

Here’s a roundup—

• Unemployment benefits are extended for an additional year benefiting approximately 2 million out of work Americans.
• Tax credits for college tuition, created by the 2009 stimulus package, are extended for five year, benefiting some 25 million low income families.
• The “doctor fix” is included meaning that Medicare providers will not face a serious cut in pay.
• The Alternative Minimum Tax problem is permanently fixed removing a potential tax danger for middle class families.
• A number of existing business tax benefits will remain in place for another year, including renewable energy tax credit which is extended for an additional year.
• The $900 per year salary raise recently signed into existence by President Obama for members of Congress is revoked.

Not included in the agreement is an extension of the payroll cut meaning that payroll taxes will rise by for 2 percent for all American wage earners.

Also not included is a rise in the debt ceiling. The nation actually reached its debt ceiling yesterday.

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