WASHINGTON, DC—A day of threats and posturing finally came down to the US House of Representatives passing the Fiscal Cliff bill late Tuesday night in a 257-to-167 vote. The bill now goes to the White House for the President’s signature.
As GlobeSt.com reported Tuesday, the Senate signed the bill in an 89-to-8 vote, and at the time, House approval was very much a question mark.
According to various news sources, the legislation puts off budget cuts for two months and preserve Bush-era income tax cuts for individuals earning less than $400,000 or couples earning less than $450,000.
And The Wall Street Journal reported that the deal “would also set the estate-tax rate at 40% on estates over $5 million; currently there’s a 35% rate for estates over $5.12 million.
The deal would delay for two months part of the $110 billion in spending cuts that otherwise would have taken place in early January—cuts that would be replaced by tax increases and cuts in other programs.”