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Details Concerning the Fiscal Cliff Deal

Here are details of the deal, according to congressional sources:
* Postpones for two months the of $1.2 trillion in automatic spending cuts over 10 years, known as the "sequester." For those two months, $24 billion in savings would be substituted. Half of those savings would be split between defense and non-defense programs. The other half includes new revenues.
* Raises $600 billion in revenue over 10 years through a series of tax increases on wealthier Americans.
* Permanently extends tax cuts made in 2001 by Republican President George W. Bush for income below $400,000 per individual, or $450,000 per family. Income above that level would be taxed at 39.6 percent, up from the current top rate of 35 percent.
* Above that income threshold, capital gains and dividend tax rates would return to 20 percent from 15 percent.
* Caps personal exemptions and itemized deductions for income above $250,000, or $300,000 per household.
* Raises rate to 40 percent for estates of more than $10 million per couple, up from the current level of 35 percent.
* Includes a permanent fix for the .
* Extends unemployment insurance benefits for one year for 2 million people.
* Extends child tax credit, earned income tax credit, and tax credit for five years.
* Extends research and experimentation tax credit, and the wind production tax credit through the end of 2013. Extends 50 percent bonus depreciation for one year.
* Avoids a cut in payments to doctors treating patients on - the so-called "doc fix."
* Temporarily extends farm programs.
* Cancels a cost-of-living raise for members of Congress.

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