The last-second, nail-biting fiscal cliff agreement that Congress passed Jan. 1 is mostly focused on taxes, rather than spending, as has been widely reported. As a result of the deal, most of us have heard by now that the bill permanently extends Bush-era income tax cuts for individuals earning up to $400,000 and couples making up to $450,000, allows tax rates to rise for those earning more than that, and changes the tax code in a number of significant ways.
