The bill allows for tax increases on individuals and households making over $400,000 and $450,000 respectively. Incomes above that level will now be taxed 39.6 percent.
Capital gains and dividend tax rates would rise to 20 percent for those above that income threshold. And the bill delays spending cuts by two months.
Dennis Gartman, publisher of The Gartman Letter wasn't too happy with the deal. First he criticized it for being overtly anti-marriage. Second, he said it failed to tackle the "egregious lack of discipline on spending" and said President Obama was leading the country towards socialism. Finally, he was also critical of the fact that this bill originated in the Senate, whereas he writes, "according to the Constitution all fiscally related legislation must originate in the House." Here is his take on the fiscal cliff deal: