SENATE PASSES FISCAL CLIFF DEAL
....House agrees reluctantly.
ESTATE TAX - top tax rates on large estates raised to 40%, with a $5 million exemption estates inherited from individuals ($10 million on family estates). The exemptions, if enacted, will be indexed for inflation.
CAPITAL GAINS - capital gains and dividends over $400,000 for individuals and $450,000 for couples taxed at 20%. 15% for lower income levels.
FARM BILL - extended by 9 months.