The back story on the "fiscal cliff" debacle, the House's sad excuse for a compromise, and the contents of the fiscal cliff bill that became law on 1/3/13. H.R. 8: THE OBAMA-SENATE FISCAL CLIFF BILL (SIGNED INTO LAW 1/3/13) ‘‘American Taxpayer Relief Act of 2012'' TITLE I—GENERAL TAXES SEC. 101. PERMANENT EXTENSION OF MOST 2001 BUSH TAX CUTS People making over $400,000 as individuals, or $450,000 as a couple, will be taxed at 39.6% instead of the current 35% Estate tax rate will be raised to 40% from 35%. No taxes on the first $5 million of inheritance. SEC. 102. INCREASE CAPITAL GAINS TAXES TO 20%, FROM 15% SEC. 103. EXTENSION OF 2009 STIMULUS BILL TAX CREDITS 5 year extension of college tax credits Total credit cannot exceed $2,500 Tax credit decreases for families with gross incomes of $80,000 or $160,000 for a married couple. 5 year extension of the Child Tax Credit Eligible families receive $1,000 tax credit per child under age 17. Tax credit decreases for families with gross incomes of $75,000, or $110,000 for married taxpayers filing a joint return. TITLE II—INDIVIDUAL TAXES SEC. 201. TAXPAYER DONATION TO SCHOOL TEACHERS' SUPPLIES. SEC. 203. BOSS-PAID PARKING AND TRANSIT FARE WILL NOT COUNT AS INCOME TITLE III—BUSINESS TAXES SEC. 301. TAX CREDIT FOR PRIVATE COMPANY RESEARCH SEC. 306. TAX CREDIT FOR PRIVATE RAILROAD MAINTENANCE. SEC. 307. TAX CREDIT FOR PRIVATE MINING COMPANIES' SAFETY EQUIPMENT AND TRAINING SEC. 312. TAX CREDIT TO PRIVATE ENTERTAINMENT RACETRACKS (NASCAR) SEC. 317. TAX CREDIT FOR HOLLYWOOD MOVIE STUDIOS. SEC. 318. TAX CREDIT FOR RUM PRODUCERS IN PUERTO RICO. SEC. 322. TAX LOOPHOLE FOR MULTINATIONAL BANKS AND MANUFACTURERS. Multinationals, including banks since 1997, don't have to pay taxes on money they earn through overseas subsidiaries. JP Morgan Chase, General Electric, Caterpiller paid for the legislation SEC. 323. MULTINATIONALS WILL NOT PAY TAXES ON INCOME EARNED FROM THEIR SMALLER BUSINESSES IN FOREIGN COUNTRIES SEC. 328. USE TAX-FREE 9/11 RECOVERY BONDS TO BUILD MANHATTAN OFFICES AND APARTMENT BUILDINGS Goldman Sachs used this to get $1.6 billion tax-free financing for its new headquarters. Lloyd Blankfein met with President Obama in December SEC. 330. TAX CREDIT FOR STARKIST AS THE LARGEST EMPLOYER IN AMERICAN SAMOA. SEC. 331. TAX CREDIT FOR BUSINESSES BUYING SMALLER BUSINESSES (Good Read: How did these business tax credits get into the fiscal cliff bill?) TITLE IV—ENERGY TAXES SEC. 401. TAX CREDIT FOR ENERGY-EFFICIENT EXISTING HOMES. SEC. 403. TAX CREDIT FOR 2- OR 3- WHEELED PLUG-IN ELECTRIC VEHICLES. 10% of the purchase price or $2,500. Must go at least 45mph SEC. 404. TAX CREDIT FOR BIOFUEL PRODUCERS. SEC. 405. TAX CREDIT FOR BIO-DIESEL AND RENEWABLE DIESEL. SEC. 406. TAX CREDIT FOR INDIAN COAL FACILITIES. SEC. 407. TAX CREDIT FOR WIND FACILITIES SEC. 408. TAX CREDIT FOR ENERGY-EFFICIENT NEW HOMES. SEC. 409. TAX CREDIT FOR ENERGY-EFFICIENT APPLIANCES. TITLE V—UNEMPLOYMENT SEC. 501. FEDERAL UNEMPLOYMENT INSURANCE PAYMENTS WILL CONTINUE TO BE PAID SEC. 503. TAX CREDIT FOR REEMPLOYMENT SERVICES TITLE VI—MEDICARE AND OTHER HEALTH EXTENSIONS SEC. 601. NO PAYMENT CUT TO MEDICARE DOCTORS SEC. 642. REPEAL OF "CLASS" LONG-TERM HEALTH CARE PROGRAM. SEC. 643. COMMISSION ON LONG-TERM CARE. TITLE VII—EXTENSION OF AGRICULTURAL PROGRAMS SEC. 701. EXTENSION OF FARM BILL UNTIL SEPTEMBER 2013 SEC. 802. NO PAY RAISE FOR CONGRESS TITLE IX—BUDGET PROVISIONS SEC. 901. TWO MONTH DELAY ON SEQUESTER CUTS TO GOVERNMENT Cuts must be ordered on March 1, 2013 and implemented on March 27, 2013. H.R. 6684: THE HOUSE FISCAL CLIFF BILL (DID NOT BECOME LAW) OFFICIAL TITLE: "Spending Reduction Act of 2012''. TITLE I—AGRICULTURE SEC. 101: REDUCE FOOD FUNDING TO PUERTO RICO AND AMERICAN SAMOA 8 MONTHS EARLY. TITLE II- COMMITTEE ON ENERGY AND COMMERCE SEC. 201. DEFUND HEALTH INSURANCE EXCHANGES. 'Health Insurance Exchange' is a website designed so consumers can easily compare and buy their own health insurance. SE