Fiscal Cliff Fix It Passed, Market Responds Well - KMPH FOX 26 | Central San Joaquin Valley News Source

Fiscal Cliff Fix It Passed, Market Responds Well


It's a rally on Wall Street, now that the house has passed legislation to pull the country off the fiscal cliff.

The passage prevents taxes from dramatically rising for the middle class, but spending cuts have been put on hold for two months.

Here's what the deal boils down to:

-You will have less money in your paycheck. The social security tax has increased, meaning you'll pay two percent more in taxes every paycheck that amounts to about a thousand dollars for every 50-thousand.

-Taxes will go up for couples earning more than $400 thousand per year.

-The deal also extends unemployment benefits.

Lawmakers did not pass a relief bill for families still coping with the impact of "Superstorm Sandy." House Speaker John Boehner said this morning that will be the first priority for the new session, which will begin on Thursday.

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