Sunday, December 19, 2010

Congress Sends Tax Package to Obama; Estate Tax Kept at Lower Rate

Congress has sent President Obama a controversial bipartisan tax deal following its approval in the House. Just before midnight, the House voted to 277 to 148 to extend the Bush-era tax cut for the wealthiest Americans and reduce the estate tax in return for a 13-month extension of jobless benefits and a handful of tax credits for low- and moderate-income Americans. At least a quarter of the tax savings under the deal will go to the wealthiest one percent of the population. The only group that will see its taxes increase are the nation’s lowest-paid workers. A group of House Democrats failed in their attempt to block a provision that reduces the estate tax; their proposal to increase the estate tax was defeated in a stand-alone vote of 233 to 194.

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