Well, as expected, some sort of a last minute, sausage-like deal was struck at the eleventh hour. Well, actually, the twelfth hour, given that only the tax side of the equation was "solved," leaving $109 billion in immediate spending cuts still on the table.
Actually, it's even murkier than that. The deal that was struck was a Senate deal and the House could do more, less, or even just scuttle the whole thing. So let's call it a first step on the path to a deal.
Here are a couple of important bits of information:
Senate Tax Deal: Roughly $600 Billion Over 10 Years
The emerging tax agreement between Vice President Joe Biden and Senate Minority Leader Mitch McConnell (R., Ky.) would raise roughly $600 billion in new revenue over 10 years when compared with current policy, people familiar with the talks said.
It’s important to remember that the deal hasn’t been officially agreed to in the Senate, let alone the House of Representatives, but the $600 billion figure is an important measuring stick.
Here’s how it would get there:
It would raise tax rates on income above $400,000 for single workers and $450,000 for households from the rates that have been in place for the past 12 years. Roughly 1% of households earn income above $450,000, according to the Tax Policy Center.
It would raise the tax rate on capital gains and dividends to 20% (from 15%) for capital gains and dividends exceeding $400,000 for single workers and $450,000 for households.
It would reduce the tax deduction benefits for singles earning more than $250,000 and households earning more than $300,000.
Raise the estate tax to 40% on assets after a $5 million exemption threshold.
by grover 
