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UPDATE: 2:31 A.M. EST

With an overwhelming vote, 89-8, the Senate decided early Tuesday morning to end the Bush tax cuts for families earning more than $450,000 per year, reports Politico.

They also voted to postpone the sequester cuts for two months, in addition to other provisions. Some Washington insiders are calling this a win for the Democratic Party, even though President Barack Obama initially said that he wanted to end tax cuts for families earning over $250,000.

Boehner said that he would stick to his word and consider the deal if it passed the Senate and now it has. The House could vote as early as New Year’s Day.

Even though we have technically gone “over the cliff,” with the deal in place, any damage should be mitigated.

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Ending one of the most melodramatic political sagas of 2012, Congress and President Barack Obama have finally reached a deal to avoid the country plunging over a fiscal cliff into another recession with only 3 hours to spare, reports CBS News.

See the known details below:

  • Tax rates: current tax rates will be extended for all wage earners making below $400,000 and couples making below $450,000.This was a key concession for both Republicans and Democrats. Democrats wanted the threshold for tax increases to rest at $250,000 and Republicans didn’t want marginal tax rates to increase for anyone.
  • The estate tax: it was set to increase from rom 35 percent to 55 percent in 2013. Instead, the compromise sets the new rate at 40 percent with the first $5 million worth of property exempt from being taxed.
  • Capital gains tax: Capital gains and dividend tax rates will increase from 15 to 20 percent.
  • Alternative Minimum Tax: a permanent fix to the tax that would hit middle class families
  • “Doc Fix”: doctors will be shielded from a massive reimbursement gap for treating Medicare patients.
  • Unemployment benefits: unemployed workers will receive their benefits which expired over the weekend.
  • Renewable energy tax credit: the tax credit for renewable energy companies will be extended for another year.

The president ended his annual Hawaiian vacation to come back to Washington to hammer out a deal. According to Beltway sources, Vice-President Joe Biden has heavily impacted negotiations and has been working furiously through the night to reach a bipartisanship agreement.

Read more at CBS News.

UPDATE: Senate Approves Fiscal Cliff Plan 89-8; Heads To The House  was originally published on newsone.com

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