Key points of fiscal cliff deal Postpones for two months the start of $1.2 trillion in automatic spending cuts over 10 years, known as the "sequester." For those two months, $24 billion in savings would be substituted. Half of those savings would be split between defense and non-defense programs. The other half includes new revenues. Permanently extends tax cuts made in 2001 by Republican President George W. Bush for income below $400,000 per individual, or $450,000 per family. Income above that level would be taxed at 39.6 percent, up from the current top rate of 35 percent. Caps personal exemptions and itemized deductions for income above $250,000, or $300,000 per household. Raises estate tax rate to 40 percent for estates of more than $10 million per couple, up from the current level of 35 percent. Includes a permanent fix for the alternative minimum tax. Extends unemployment insurance benefits for one year for 2 million people. Extends child tax credit, earned income tax credit, and tuition tax credit for five years. Extends research and experimentation tax credit, and the wind production tax credit through the end of 2013. Extends 50 percent bonus depreciation for one year. Avoids a cut in payments to doctors treating patients on Medicare - the so-called "doc fix." Temporarily extends farm programs. Cancels a cost-of-living raise for members of Congress.