Ten Things To Note About H.R. 8

                                        (American Tax Relief Act Read The Bill PDF)

10 Things To Note About H.R. 8:

(1) The deal makes tax benefits for high-income earners permanent, while tax benefits designed to help those of modest means and the middle class are only extended for five years.

(2) The bill only temporarily extends certain tax breaks, such as the one for college tuition.

(3) The deal would cap itemized deductions for individuals making $250,000 and for married couples making $300,000.

(4) Taxes would stay the same for most Americans. But they will increase for individuals making more than $400,000 and couples making more than $450,000. For them, it will go from the current 35% to the Clinton-era rate of 39.6%.

(5) Taxes on inherited estates will go up to 40% from 35%.

(6) The alternative minimum tax -- a perennial issue -- would be permanently adjusted for inflation.

(7) Reimbursements for doctors who take Medicare patients will continue, but it won't be paid for out of ObamaCare.

(8) Child care, tuition and research and development tax credits would be renewed temporarily. 

(9) It doesn't mention the debt ceiling.

(10) Puts off for two months the so-called sequester -- a series of automatic cuts in federal spending that would have taken effect this Wednesday. It would have reduced the budgets of most agencies and programs by 8% to 10%.