So what is really in the fiscal cliff legislation?
Of course, there are the widely-known sticking points the two sides have been haggling over for weeks: extensions of the income tax cuts for middle and low-income earners, the current estate tax rate, and the alternative minimum tax.
But there's also a provision on two- and three-wheeled electric vehicles, renewable energy, and rum.
The American Taxpayer Relief Act of 2012, which passed the Senate early Tuesday morning, is a vehicle for a number of regular year-end tax extenders.
Among the extensions is the excise tax carry-over on rum produced in Puerto Rico and the Virgin Islands. It's a federal tax of which most is paid back to the islands.
|
Post by: Ashleigh Banfield Filed under: Congress • Fiscal Cliff • Keeping Them Honest • Taxes |
Anderson Cooper goes beyond the headlines to tell stories from many points of view, so you can make up your own mind about the news. Tune in weeknights at 8 and 10 ET on CNN.
Questions or comments? Send an email
Want to know more? Go behind the scenes with AC361°
Hoping we never have to see Kathy Griffin on New Year's Eve again.