Steel Products
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/media/k2/items/src/282297771a9994b0b396c98b904aa88a.jpg)
The Nitty Gritty of the Fiscal Cliff Deal
Written by Sandy Williams
January 4, 2013
Written by: Sandy Williams
As you all know, Congress approved legislation on Tuesday to avert the fiscal cliff crisis. Here is a summary of that legislation as published in the Chicago Tribune.
Reuters, January 2, 2013—The U.S. House of Representatives approved a Senate bill on Tuesday night to avert $600 billion in automatic tax increases and spending cuts known as the “fiscal cliff.” Here are details:
Postpones the first installment of automatic spending cuts for two months while Congress works on a plan replace them.
Raises $620 billion in revenue over 10 years through a series of tax increases on wealthier Americans.
Permanently extends tax cuts enacted in 2001 under former Republican President George W. Bush for income below $400,000 per individual, or $450,000 per family. Income above that level would be taxed at 39.6 percent, up from the current top rate of 35 percent.
Above that income threshold, capital gains and dividends tax rates would return to 20 percent, from 15 percent.
Caps personal exemptions and itemized deductions for income above $250,000, or $300,000 per household.
Raises estate tax rate to 40 percent for estates of more than $10 million per couple, up from the current level of 35 percent.
Includes a permanent fix for the alternative minimum tax.
Extends unemployment insurance benefits for one year for 2 million people.
Extends child tax credit, earned income tax credit, and tuition tax credit for five years.
Extends research and experimentation tax credit, and the wind production tax credit through the end of 2013. Extends 50 percent bonus depreciation for one year.
Avoids a cut in payments to doctors treating patients on Medicare – the “doc fix.”
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/04/sandy-williams.jpeg)
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/10/CMC-New-Logo.png)
CMC to open rebar fabrication facility in Ohio
Longs producer and metal recycler CMC plans to open a new rebar fabrication plant in Akron, Ohio.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/steel_trade.png)
US and Mexico take action to curb ‘unfair’ trade
The US and Mexico announced measures on Wednesday to prevent tariff evasion and protect North America’s steel and aluminum industries.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/gears.png)
Final thoughts
First off, we hope everyone had a safe and happy July 4th holiday, with fireworks seen and BBQs attended. Many parts of the country are quite toasty at the moment, signaling that, yes, summer has indeed arrived. And looking at our most recent survey results, the summer doldrums have arrived as well.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/12/Rig_count_pic_3-scaled.jpg)
Active rig counts recover in US, slip in Canada
US drill rig activity moved back up last week after drifting lower for four straight weeks. Meanwhile, Canadian counts slipped for the first time after a seven-week rally, according to the latest data from Baker Hughes.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/AISI.png)
AISI: US steel shipments up in May from April, off from 2023
Domestic steel shipments increased in May month over month but have fallen on-year.