CBS News reports that the House of Representatives voted late last night to pass the Obama tax deal which, among other things, will extend the Bush tax cuts for all American taxpayers:
Acting with uncommon speed, Congress sent President Obama sweeping, bipartisan legislation late Thursday to avoid a Jan. 1 spike in income taxes for millions and renew jobless benefits for victims of the worst recession in 80 years.
The measure also will cut Social Security taxes for nearly every wage-earner and pump billions of dollars into the still-sluggish economy. CBS News Capitol Hill correspondent Nancy Cordes reports, it’s essentially an early Christmas present for every American tax payer.
The 277-148 vote came less than 24 hours after the Senate cleared the bill, 81-19.
The legislation was the result of a reach across party lines between Obama and top Republicans in Congress – stubborn adversaries during two years of political combat that ended when the GOP emerged the undisputed winner in midterm elections on Nov. 2.
Now it awaits the President’s signature. In other words, it’s a done deal and an early Christmas present for American taxpayers.
2 responses so far ↓
1 Dustin // Dec 17, 2010 at 5:46 pm
I’ve run the numbers of the percentage method Tables for income tax withholding And next year I ( who make a paltry 26,000/yr) will have my taxes increased by $70 . this is BS
2 Peter // Dec 18, 2010 at 12:53 am
Dustin,
I’m not sure about the accuracy of your numbers, but assuming they are correct, there are many things you can do to make more money.
You can work overtime, get a second job or go to night school so you can make more money in the future.
Don’t count on others to help you. Do it yourself. You’ll be happier that way.
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