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As midnight approached, Congress passed a deal to avert the fiscal cliff for another two months. For Mainers, failure to reach a deal would have meant paying $1.4 billion more in taxes in the next year; however, the Washington-based Tax Policy Center told The Associated Press that the deal still means higher Social Security payroll taxes for most Americans. The deal also extended unemployment benefit eligibility for about 7,100 Mainers who are actively seeking work.
Did you breathe a sigh of relief over the fiscal cliff deal?
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