The details on taxes are still leaking out.
Here's the best sense of the deal that have been reported so far (these are from the New York Times.)
If a deal is actually signed:
* Income taxes will stay at current rates for households making less than $450,000 per year ($400,000 for individuals). This is a huge tax cut relative to the Fiscal Cliff tax rates, which would have increased taxes for everyone.
* Capital gains and dividend taxes for households earning over $450,000 will rise from 15% to 20%. This income will also be hit with the 3.8% surcharge for Obamacare, so the full increase will be from 15% to 23.8%. For dividends, this is still a massive cut from the Clinton-era rates of 40%.
* Some tax deductions for households earning more than $250,000 will be phased out. So, on a net basis, taxes may rise for about 2% of American households.
* The payroll tax will likely revert back to 6.2% from 4.2% for the first $110,000 of income (per the Washington Post). This will effectively increase taxes on almost everyone.
* The estate tax will stay basically the same: The threshold for taxable estates will remain at $5 million, with a 40% tax rate over that level.
All of these tax rates would be "permanent," meaning that Congress would have to agree to change them. This is a big deal. Almost every fiscal agreement reached by Congress since the Bush tax cuts of 2001 has been scheduled to phase out at a future date.
* Some tax cuts for middle- and lower-income households would be extended for 5 years. These include a child credit, the earned income tax credit, and a tuition credit.
* Unemployment benefits would be extended for one year.
All these changes are expected to raise about $600 billion in new revenue over 10 years versus current tax levels. That's obviously far less revenue than would be raised if the Fiscal Cliff tax rates were enacted.