Fiscal-cliff deal passes Congress

2 Jan

indexWASHINGTON (MarketWatch) — After a day of wrangling, the House of Representatives voted Tuesday night to pass a bipartisan deal undoing the fiscal cliff of austerity measures, which began going into effect at the start of the year.

The final vote tally was 257 to 167. A majority of Republican House members opposed the bill, with a total of 151 Republicans and 16 Democrats voting against it.

Tax rates will rise to 39.6% from 35% currently on individual incomes of more than $400,000 and on couples’ incomes over $450,000.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: