Thank-You NAR President Elect Steve Brown for sending this to me…
The Senate approved a fiscal cliff bill 89-8 early this morning.
The $ 450K threshold would kick in higher tax rates [from 35 to 39.6%] for married households [ $400K for single].
Mortgage debt forgiveness is extended for two years.
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A Clinton Administration limitation on itemized deductions returns. Called the Pease limitations, it is a very complicated phasing out of all itemized deducts for those whose incomes are above $250K for married households and singles earning more that $200K. This provision is indexed for inflation. While it affects personal exemptions and all itemized deductions it is less onerous than a cap on deductions.
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The Bush tax rates for those earning less than $250K are permanent. An ATM fix is also permanent. Estate taxes are liberalized.
The House is in session today, but it is uncertain if it will vote on the Senate bill.