1. Current Affairs Study Material For Current Affairs • Voting on New Year’s Day for the first time in 62 years, the united States House of Representatives has passed the American Taxpayers Relief Act of 2012 (the so-called fiscal cliff bill) by 257 votes to 167. • The Act will end the temporary tax breaks granted by President George W. Bush in 2001. • The bill makes permanent the temporary rates on taxable income at or below $400,000 or individual filers and $450,000 for married individuals filling jointly.