Winner: Upper-income families with multiple children, in states with high income taxes.

Families exposed to the alternative minimum tax will get some relief as the income exempted from the AMT, meant for the wealthy, rises.

Winner: People with lots of income from investments. The 15 percent tax rate on capital gains and dividend income is extended for two years, a potential boon for those with stocks and other investments.

Winner: Upper-income people with large individual retirement accounts. Starting in 2010, they can convert their regular IRAs to Roth IRAs, taking a one-time tax hit but gaining flexibility in withdrawals and other advantages.

Winner: Small-business owners who plan new investments. The bill gives companies two more years in which they can immediately deduct investments, rather than amortize them over many years.

Winner: Musicians and songwriters. Money from sales of self-composed musical works will be taxed as capital gains, not at higher rates for regular income.

Loser: Future taxpayers and government benefit recipients. The tax cuts are not offset by spending cuts, so the debt will have to be paid with future tax increases or spending cuts.

Loser: U.S. citizens who work abroad. Rules on housing allowances are being tightened, among other complicated changes.

Loser: Parents of 14- to 18-year-old children who want to invest on their behalf. Families can no longer invest money in a 15-year-old child's name to avoiding paying the parents' higher tax rates.