Congress Passes Fiscal Cliff Bill [VIDEO]
The fiscal cliff fight is over, for now, as the House joined the Senate in approving the deal that spares a majority of Americans from an income tax hike. The House passed the fiscal cliff deal late Tuesday with a vote of 257 to 167.
FOX News Radio’s Rich Johnson reports from Washington:
The so-called Bush tax cuts of the past decade will now be permanent for families making less than $450,000 a year.
(Obama) “This law is just one step in the broader effort to strengthen our economy and broaden opportunity for everybody.”
President Obama, late last night, after a very divided House approved the measure, which does what Republicans like Michigan’s Dave Camp have wanted for years.
(Camp) “After more than a decade of criticizing these tax cuts, Democrats are finally joining with Republicans in making these tax cuts permanent.”
But most Republican House members voted no, making Democrats the majority in the vote. The measure puts off forced cuts known as sequestration for two months.
In Washington, Rich Johnson, FOX News Radio.
WATCH for more on this story:
WATCH President Obama speak on the passage of the fiscal cliff deal:
So what exactly does it mean for you, now that Congress finally passed legislation to address the tax issues referred to as the “fiscal cliff”?
FOX News Radio’s Eben Brown reports:
Mr. and Mrs. America no longer have to worry about the alternative minimum tax, now that it’s indexed for inflation.
(Pickering) “For an average middle income tax payer, it might have meant the difference between getting a refund and owing money.”
Kathy Pickering is a Vice President with tax preparers H&R Block. She says that, along with holding income tax rates for the middle class will help stabilize net incomes, but the payroll tax holiday ends. For someone making $50,000 or $60,000 a year:
(Pickering) “That’s gonna net out to about $50 a paycheck, if they get paid twice a month. It is real money.”
Eben Brown, FOX News Radio.