House of Representatives deal with fiscal cliff - WALB.com, South Georgia News, Weather, Sports

House of Representatives deal with fiscal cliff

A deal to avert the fiscal cliff is now in the hands of the House of Representatives.

The Senate passed the measure early Tuesday by a sweeping 89-8 vote. House passage of the measure would send it to President Barack Obama for his signature.

The bill would increase taxes on family income exceeding $450,000 and delay across-the-board spending cuts for two months.

The bill temporarily extends certain tax breaks, like college tuition and child care and research and development.

Unemployment insurance will be extended for a year, and milk prices won't go up.

But even if the bill does pass, taxes are still likely to go up. It's expected to come from a two year social security tax cut. 

"The fiscal tax rate was cut in 2011 and 2012 for employees that is scheduled to go back up to a 6.2 percent rate on January 1, so everyone will see a decrease in their take home pay," said John Mcduffie, Certified Public Accountant.

A vote is expected Tuesday. 

Copyright 2012 WALB.  All rights reserved.

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