Waiting On The House Of Representatives

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Explore:  Fiscal Cliff

Yesterday, the Senate avoided the fiscal cliff by passing a bill to limit the raise in rates to single persons with more than $400,000 of income and $450,000 for married couples, although deduction phase-outs start at lower levels.

At this time (2:50 pm on Tuesday), we are awaiting action by the House of Representatives. Passage by the House is by no means assured (nor whether the Speaker will even bring it to the floor for a vote) – one report I read indicated that for each $1 of spending cuts, there are $40 of new taxes. This is a problem for many Republicans who are looking for more balance.

We will see how this pans out. If the House passes the bill, I will be back with more info on the new law law which presumably would be signed into law by President Obama.

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Published In:

Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Charles (Chuck) Rubin, Gutter Chaves Josepher Rubin Forman Fleisher P.A. | Attorney Advertising

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