Details just coming out, vote in Senate expected tonight.
Looks like the number is 400/450k for tax increases and delay of sequester automatic spending cuts for two months.
More when the details are confirmed.
Update: Details on the deal, which apparently will go to a vote in the Senate after midnight so they can say they are voting to reduce taxes, summarized at WaPo. Here are some of the points:
-Tax rates will permanently rise to Clinton-era levels for families with income above $450,000 and individuals above $400,000. all income below the threshold will permanently be taxed at Bush-era rates.
—The tax on capital gains and dividends will be permanently set at 20 percent for those with income above the $450,000/$400,000 threshold. It remain at 15 percent for everyone else.
—The estate tax will be set at 40 percent for those at the $450,000/$400,000 threshold, with a $5 million exemption. That threshold will be indexed to inflation, as a concession to Republicans and some Democrats to rural areas like Sen. Max Baucus (D-Mt.).
—The sequester will be delayed for two months. Half of the delay will be offset by discretionary cuts, spilt between defense and non-defense. The other half will be offset revenue raised by the voluntary transfer of traditional IRAs to Roth IRAs, which would tax retirement savings when they’re moved over.
—The Alternative Minimum Tax will be permanently patched to avoid raising taxes on the middle-class.
—The deal will not address the debt-ceiling, and the payroll tax holiday will be allowed to expire.
—Two limits on tax exemptions and deductions for higher-income Americans will be reimposed: Personal Exemption Phaseout (PEP) will be set at $250,000 and the itemized deduction limitation (Pease) kicks in at $300,000.
(added 1-1-2013) Senate passed bill at about 2 a.m. 89-8. Sen. Paul and Rubio voted No.
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