Senate passes fiscal-cliff Proposal

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The Senate early on Tuesday morning approved a fiscal-cliff agreement struck hours earlier by the White House and Senate Republicans. The bill raises taxes on family income over $450,000, increases taxes on capital gains and dividends for those households to 20%, and delays for two months $110 billion in spending cuts. Eighty-nine senators voted for the measure and eight voted against. The President and the Senate has come up with a tentative agreement on the Fiscal Cliff proposal. This will directly affect the middle class.


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