Friday, December 17, 2010

Tax-Cut Package Update: House Sends Bill to President Obama

All that's stopping a massive tax-cut package from law is President Barack Obama's signature.

His John Hancock will make the package official, preventing a New Year's Day tax hike for millions of Americans.

What is at this bill's essence? An extension of tax cuts for families at all income levels; a renewal of jobless benefits for the long-term unemployed, and a one-year cut in Social Security taxes that will benefit workers at all wages.

Other fixtures of the bill include: $1,000 child-tax credit, tax breaks for college students and lower taxes on capital gains and dividends. Workers Social Security taxes will fall from 6.2 percent to 4.2 percent.

There is more to this complex bill, especially a focus on the bitter arguments revolving around the estate taxes. That will be covered by The Slott Report in the days after the bill's passage into law.

By Jared Trexler
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