I know this is general knowledge but I will put my vote for what will happen over the next week on a Grand Deal to “avoid the fiscal cliff” into the FR archives:
We will NOT go over the cliff.
The Top 2% income tax rate will go up.
The defense cuts will not happen.
The AMT will not be reformed.
The low and middle class tax rates will remain unchanged.
The payroll tax rate will be extended (this one REALLY boggles my mind since this is the ONLY funding instrument of SS - I say remove the cap on this one if they really wanted to solve any kind of revenue problem)
Estate tax rate will increase.
Capital gains tax rate will increase.
Corporate tax rate will increase.