Oy vey! From BI: Last night just before 2 AM, the Senate overwhelmingly agreed to pass a bill that will avert the Fiscal Cliff once the House approves it. The bill is pretty straightforward. Income tax rates will only rise on those making over $400K (liberals wanted $250K, GOP wanted no taxes to rise). Spending cuts will be delayed for 2 months to give the sides more time to address them.
So why is the bill 157-pages long? Because when Washington does business and passes a huge bill, there are all kinds of little other pre-existing tax things most Americans have never heard of, but which needed to be extended, that also get into the bill. It's just how it works.
1. There's a provision extending a tax policy related to Puerto Rican rum...
2. And a tax credit for 2- and 3-wheel electric vehicles…..