With a last minute vote Congress passed a law to avoid the fiscal cliff. They agreed to raise income tax rates on the wealthy or those making $400,000 or more a year from 35% to almost 40%.
For the rest of the nation things will remain mostly the same except for one minor change. Social Security tax is going to go up just 2%.
The next thing on the agenda for Congress to sort out is the looming debt ceiling. They have two months before they vote on military and federal spending cuts.