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The Seven Things You Need to Know About the Tax Deal
12:00 PM EDT
Last night, Republicans and Democrats in the House of Representatives joined the Senate in passing the American Taxpayer Relief Act of 2012. That means middle-class families won't see an increase in their income tax rates. We've avoided the fiscal cliff.
President Obama will sign the legislation soon. Last night, he described the agreement as, "one step in the broader effort to strengthen our economy and broaden opportunity for everybody."
"Under this law, more than 98 percent of Americans and 97 percent of small businesses will not see their income taxes go up," he said. "Millions of families will continue to receive tax credits to help raise their kids and send them to college. Companies will continue to receive tax credits for the research that they do, the investments they make, and the clean energy jobs that they create. And 2 million Americans who are out of work but out there looking, pounding the pavement every day, are going to continue to receive unemployment benefits as long as they’re actively looking for a job."
We know that that a lot of people have questions about the deal, so we've pulled together some of the most important facts. Here are the seven things you need to know:
To learn more about this agreement and what comes next, be sure to watch President Obama's full remarks and check out this White Board, explaining what the new agreement to extend tax cuts for the middle class means for the economy and how it met President Obama's key economic priorities.
Having trouble reading the graphic? Check out the text here.