Politics

Inside the fiscal cliff 'budget compromise bill': Tax cuts and tax hikes

House Speaker John Boehner of Ohio arriving on Capitol Hill on Tuesday as legislation to negate a fiscal cliff of across-the-board tax increases and sweeping spending cuts moved to the GOP-dominated House.
House Speaker John Boehner of Ohio arriving on Capitol Hill on Tuesday as legislation to negate a fiscal cliff of across-the-board tax increases and sweeping spending cuts moved to the GOP-dominated House.
J. Scott Applewhite/AP

The budget compromise bill that is meant to allow the U.S. government to avoid higher tax rates and austere budget cuts has tax rates as its central issue, with discussions about more spending cuts, and the federal debt limit, put off until the coming weeks.

Now that NPR and other organizations have had some time to look at the compromise, we can list some of the proposed effects contained in the Senate bill that the House began considering Tuesday. This list isn't exhaustive — we're including links to other analysis below. But here's some of what the proposed deal would do:

You can review the nonpartisan Joint Committee On Taxation report of the Senate bill online, in PDF form. For more of a boiled-down look at the costs and savings — and, we warn you, all comparisons depend upon which set of projections you use for a base level — the bipartisan Committee for a Responsible Federal Budget has a handy chart.

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