Bill Perez does a good job of describing the contents of the compromise in his post “Tax Deal Would Freeze Tax Rates, Extend Breaks” at WILLIAM’S TAX PLANNING BLOG. Check it out.
While it looks like the compromise includes the AMT patch, a revised Estate Tax (which I can live with), and an extension of BO’s American Opportunity Credit for college costs, I do not see anything about the other “extenders” (i.e. deducting state and local sales tax instead of state and local income tax, etc).
As Bill correctly points out -
“The agreement on tax breaks still needs to be introduced as legislation, voted on and sent to the President for signature. So the final legislation could be different than the proposals outlined here or could contain additional changes.”
So I will hold off my celebration until there is a final bill for BO to sign. I have absolutely no faith that the idiots in Congress will do what is right.