The fiscal cliff is averted, but your tax bill will likely go up. We have more on what the deal means for Illinois taxpayers on Chicago Tonight at 7:00 pm.
Income tax rates will rise to the pre-Bush level of 39.6 percent on income fo $400,000 and above for individuals, and $450,000 and above for joint filers.
As for other provisions in the fiscal cliff deal, the Estate Tax rises from 35 percent to 40 percent for individuals over $5,000,000; the Dividends/Capital Gains tax goes from 15 percent to 20 percent, the FICA tax returns to 6.2 percent from 4.2 percent, and unemployment insurance is extended another year.
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