Happy New Tax Year!

If this evening's agreement gains approval by the Senate and House, estates of $5 million or less will continue to avoid federal estate tax, though larger estates will face a 40% tax rate.

More good news: the annually-threatened imposition of the Alternative Minimum Tax on ordinary taxpayers will be fixed "permanently."

Not so good news for high-income taxpayers: a higher tax rate for couples with incomes over $450,000, a phase-out of deductions for those with incomes over $300,000.

Meanwhile, pending Congressional action, off the fiscal cliff we fall. The New York Times came up with this icon for the occasion.