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Congress braced as tax bills stall over fiscal cliff
The Senate and House have passed separate plans to delay tax increases into 2013. The Senate would extend Bush era cuts for middle and low income groups while raising rates for high earners. the House would extend all cuts. Both seek a broader framework, with higher taxes on the wealthy offset by reduced credits and deductions. The payroll tax cut and child tax credit provisions are debated, with exemptions and credits set to shift if no action occurs.
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