Under the new fiscal cliff deal, households earning upwards of $450,000 (or individuals earning $400,000) will pay a higher 39.6% rate (up from 35%) on income tax and a 20% capital gains tax (up from 15%). That’s in addition to a higher payroll tax and new taxes affiliated with ObamaCare including a 3.8% net investment income tax. With more money owed to Uncle Sam, how will this affect luxury housing?