The U.S. Going Over Fiscal Cliff, Tax Deal Might Cushion Landing

Jetra writes: The House of Representatives has no plans to take any votes before midnight tonight, meaning the U.S. is technically going over the “fiscal cliff”, with more than $500 billion in tax hikes and $110 billion in automatic spending cuts kicking in for 2013. But the landing still might be cushioned by a deal between Senate Republicans and the White House that would protect couples earning up to $450,000 from most of the income tax increases that would otherwise take effect in 2013 as a raft of tax cuts, including the steep income tax reductions first passed under President George W. Bush, expire.