The budget bill that would avert the "fiscal cliff" will preserve Bush-era tax cuts for many middle-class Americans, but other taxes will go up in 2013. A temporary reduction in employees' contribution to Social Security will end, and the average household will pay an extra $1,000 this year. The income tax rate of individuals making more than $400,000 a year and of couples whose combined income is greater than $450,000 will rise to 39.6% from 35%.

Full Story:
CBS MoneyWatch

Related Summaries