Congress Approves Tax Hikes

WASHINGTON — Congress agreed to a last-minute deal to increase taxes on high earners to avoid the “fiscal cliff” of broader tax hikes and spending cuts.

Under the new agreement, the tax rate for individuals with income of more than $400,000 and couples making more than $450,000 will increase to 39.6%, up from the current rate of 35%.

Of particular concern to business owners, the rate of taxes on inherited wealth — the estate tax — will increase to

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