The Fiscal Cliff thread.

[Thiebear]

Under the proposed accord being hammered out by Biden and McConnell, households earning less than $450,000 would largely escape higher income tax bills, though couples earning more than $300,000 a year and individuals earning more than $250,000 would lose part of the value of their exemptions and itemized deductions, under the terms of the emerging agreement.

Low-income households would also benefit from a five-year extension of credits for college tuition and the working poor first enacted as part of Obama’s stimulus package in 2009. And businesses would see a variety of popular tax breaks extended, including a credit for research and development.

The tax on inherited estates would rise from 35 percent to 40 percent, though Democrats agreed to keep in place the current exemption for estates worth up to $5 million. And nearly 30 million households would be protected from paying the costly alternative minimum tax for the first time — either on their 2012 tax returns or at any time in the future. The developing agreement calls for a permanent fix

First blush
http://www.washingtonpost.com/busine...c_story_1.html

I'm slightly stunned at how balanced it seems ... I must be missing something.