President Obama Announces A Deal Framework That Keeps Tax Cuts In Return For Unemployment Benefits
President Obama announced an agreement with Republicans on tax cuts, and offered the reasoning that Republicans would block tax cuts for the middle class if they couldn’t get cuts for the wealthiest Americans. Obama said he didn’t want to see families suffer because of “political warfare.” He said he would not allow a permanent tax cut for the wealthy, and so the bipartisan agreement is that every family keeps tax cuts in place for the next two years. The Earned Income Tax Credit, the Child Tax Credit, and the American Opportunity Tax Credit for families with students in college are preserved. Unemployment insurance is extended for 13 months, a 2% payroll tax cut will be enacted, and businesses will be allowed to write off their investments next year. Estate taxes (cynically called the “death tax” by Republicans) stay at current rates.Click here for reuse options!
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