Bill Preventing Big Tax Hikes Heads to Obama

Positive move
By passing a Bipartisan tax package late Thursday, Congress has taken the better course for Working Families, The Economy and business. The Compromise deal negotiated by President Obama and Senate Republicans will extend for two years Tax Cuts enacted when George W. Bush was president — measures that were due to expire Jan. 1. And it expands long-term jobless benefits that otherwise would have been lost. Although the bill passed the Senate by a large margin and the House 277-148, many De...

Grab bag of goodies in Obama’s tax plan
WASHINGTON - President Barack Obama’s $858 billion tax package is a grab bag of goodies for investors, the affluent and workers, but the richer you are the more you get. Congress passed the bill after Liberal Democrats lost their bid to make it less generous to the wealthy, and Obama signed it into law Friday. There is something in the bill for virtually every Taxpayer. Low and moderate income workers see a Payroll Tax cut, and expansion of a Tax Credit for Working Families — priorit...

What the Tax Deal Means to Your Wallet
The pressure is off -- at least for now. With the Bush-era Tax Cuts extended for all Americans for at least the next two years under the law signed today by President Obama, government leaders have managed to postpone some tough decisions to be made surrounding the U.S. tax code until 2012. The law has been labeled “Compromise” Legislation, and for good reason. In exchange for the tax-cuts extension, Republicans agreed to extend jobless benefits for the long-term unemployed. They als...

Grab bag of goodies in Obama’s tax plan
WASHINGTON - President Barack Obama’s $858 billion tax package is a grab bag of goodies for investors, the affluent and workers, but the richer you are the more you get. Congress passed the bill after Liberal Democrats lost their bid to make it less generous to the wealthy, and Obama signed it into law Friday. There is something in the bill for virtually every Taxpayer. Low and moderate income workers see a Payroll Tax cut, and expansion of a Tax Credit for Working Families — priorit...

Dionne: Krauthammer Heart Obama
As someone who savors the ironies of life and politics, I have gotten a kick out of seeing my conservative colleague Charles Krauthammer emerge -- temporarily, no doubt -- as the Obama White House's favorite columnist. For two weeks running, he has argued how brilliant Obama's Tax Cut deal is, how he swindled Republicans in Congress, and how he has immensely strengthened his hand for the 2012 election. "Holding no high cards," Krauthammer wrote today of the president, "he nonet...

Obama salutes spirit of compromise, signs tax bill
WASHINGTON—President Barack Obama signed into law a huge, holiday-season tax bill extending cuts for all Americans on Friday, saluting a new spirit of political Compromise as Republicans applauded and liberals seethed. The benefits range from Tax Cuts for Millionaires and the Middle Class to longer-term help for the jobless. The most significant tax Legislation in nearly a decade will avert big increases that would have hit millions of people starting in two weeks on New Year's Day. Decla...

Tax Cuts for Everyone
A $858 billion tax-cut package is headed to President Barack Obama for his signature after the House passed the bill by a 277-148 vote a few seconds before midnight Thursday. The Legislation extends all of the Bush-era Income Tax cuts, which were scheduled to expire December 31, for two years. It also gives workers a one-year Payroll Tax cut and extends emergency Unemployment Benefits for 13 months. The package, which was negotiated between Obama and congressional Republicans, also extends tax...

What will the big new tax law mean for you?
WASHINGTON – It's the most significant new tax law in a decade, but what does it mean for you? Big savings for millions of Taxpayers, more if you have young Children or attend college, a lot more if you're wealthy. The package, signed Friday by President Barack Obama, will save Taxpayers, on average, about $3,000 next year. But many families will be able to save much more by taking advantage of Tax Breaks for being married, having children, paying for child care, going to college or inve...

Obama signs compromise bill extending tax cuts
WASHINGTON (AP) — President Barack Obama has signed an $858 billion tax bill he negotiated with Republicans. The package extends Bush-era Tax Cuts for two years, including Tax Rates for the wealthy that Obama had vowed to let expire. The deal includes a 13-month extension of jobless benefits for the out-of-work, and a nearly one-third cut in Payroll taxes that finance Social Security. Displaying a new style of compromising, the president invited Democrats and Republicans alike to the Whi...

Obama reaches out to black leaders, says tax-cut deal good for African Americans
As President Obama prepared to sign his $858 billion tax deal Friday, White House aides moved quickly to soothe the anger among liberal constituency groups that bitterly opposed the measure. This Story Obama reaches out to black leaders, says tax-cut deal good for African Americans House passes Tax Cut bill Document: Read the White House fact-sheet Liberals still seething over tax-cuts bill View All Items in This Story View Only Top Items in This Story An e-mail distributed to black leaders d...

Obama signs tax-cut bill, hails the compromise as progress
WASHINGTON — President Obama signed into law a huge tax package extending cuts for all Americans yesterday, saluting a new spirit of political Compromise as Republicans applauded and liberals seethed. The benefits range from Tax Cuts for Millionaires and the Middle Class to longer-term help for the jobless. The most significant tax Legislation in nearly a decade will avert big increases that would have hit millions of people two weeks after New Year’s Day. “We are here with so...

How The New Tax Law Will Affect You
The average Taxpayer will save $3000 in 2011 because of the new tax law. But many families will be able to save much more by taking advantage of Tax Breaks for being married, having Children, paying for child care, going to college or investing in securities. There are even Tax Breaks for paying local sales taxes and using Mass Transit, and a new Social Security Tax Cut for nearly every worker who earns a wage. … The law extends most of the tax cuts for two years, including lower rates f...

Obama applauds bipartisan cooperation as he signs tax cut deal
• Extends Bush-era Tax Cuts on income, capital gains and dividends for all Americans for two years. • Extends Unemployment Benefits for 13 months for the long-term unemployed. • Cuts Social Security Payroll taxes 2 percentage points for a year. • Caps the top Estate Tax rate at 35 percent for next year, after an exemption of $5 million per person. WASHINGTON • With an end-of-year deadline bearing down on them both, President Barack Obama and Senate Republican Leader...

What the Tax Deal Means to Your Wallet
The pressure is off -- at least for now. With the Bush-era Tax Cuts extended for all Americans for at least the next two years under the law signed today by President Obama, government leaders have managed to postpone some tough decisions to be made surrounding the U.S. tax code until 2012. The law has been labeled “Compromise” Legislation, and for good reason. In exchange for the tax-cuts extension, Republicans agreed to extend jobless benefits for the long-term unemployed. They als...

Holiday tax bill is law _ help for rich and poor
WASHINGTON (AP) - President Barack Obama signed into law a huge, holiday-season tax bill extending cuts for all Americans on Friday, saluting a new spirit of political Compromise as Republicans applauded and liberals seethed. The benefits range from Tax Cuts for Millionaires and the Middle Class to longer help for the jobless. The most significant tax Legislation in nearly a decade will avert big increases that would have hit millions of people starting in two weeks on New Year's Day. Declared ...

For President Obama, signing tax-cut bill makes for a good day after a bad election
A month ago President Obama was the big loser of 2010, the leader whose party had given up historic losses in the House and who was facing questions about his future. On Friday, with the stroke of his pen on a Compromise tax bill, he reminded his adversaries of the essential resilience of the occupant of the Oval Office. Whether the Compromise proves to be a fleeting moment of Bipartisanship or the beginning of a genuine turnaround in Obama's political fortunes won't be known until well into ...

Class Warfare
Dec 27, 2010, Vol. 16, No. 15 • By PETER WEHNER Get alerts when there is a new article that might interest you. Democrats are enraged at President Obama for his decision to extend George W. Bush’s Tax Cuts for all Americans, including top income earners. What explains their anger? It cannot be because of concern for the Deficit. After all, Democrats are responsible for an unprecedented two-year spending binge (the United States spent $1.3 Trillion more over the last two-year period...

Pelosi: Tax Cut Legislation Gives Middle-Income Families Fairness and the Economic Opportunity to Create Jobs - Rep. Pelosi
Washington, D.C. – Speaker Nancy Pelosi spoke on the House floor this afternoon in support of the Middle Class Tax Relief Act of 2010, which passed the House by a Bipartisan vote of 234 to 188. Below are the Speaker’s remarks. “Thank you very much, Mr. Speaker. I thank the gentleman [Mr. Levin] for yielding. I commend him for his great leadership in terms of working and being a champion for America’s Working Families, for America’s middle-income families who need so...

Bill Preventing Tax Hikes Heads to Obama
(WASHINGTON) — A massive Bipartisan tax package preventing a big New Year's Day tax hike for millions of Americans is on its way to President Barack Obama for his signature. The measure would extend Tax Cuts for families at every income level, renew jobless benefits for the long-term unemployed and enact a new one-year cut in Social Security taxes that would benefit nearly every worker who earns a wage. In a remarkable show of Bipartisanship, the House gave final approval to the measure...

Why all the blunders?
The tax deal is reasonable policy, supported by majorities of Republicans, Democrats and Independents - an easy sell by presidential standards. And still President Obama managed to blow the politics of the thing. Rather than explaining the economic benefits of the bill and taking quiet credit for a moment of Bipartisanship, Obama launched into an assault on partners and opponents. Republicans are "hostage-takers" who worship the "Holy Grail" of trickle-down economics. Libe...

What Will The New Tax Law Mean For You?
H&R; Block breaks it down Associated Press The law extends most of the Tax Cuts for two years, including lower rates for the rich, the Middle Class and the working poor, a $1,000-per-child Tax Credit, Tax Breaks for College Students and lower taxes on capital gains and dividends At the request of The Associated Press, The Tax Institute at H&R Block developed detailed estimates for how the new law will affect families at various income levels next year : —A single Taxpayer making $50,...

Colorados House reps divided on tax cuts
Colorado’s U.S. House delegation split last night on the late vote on extending Tax Cuts for two years — with Republican Doug Lamborn joining Democrats Diana DeGette and Ed Perlmutter voting against the cuts and everyone else supporting them. Lamborn was one of only 36 Republicans who didn’t support the bill. DeGette said she wanted a middle-class Tax Break, but didn’t support breaks to the Estate Tax. “While I support an extension of both Unemployment Insurance and ...

Obama Seals the Tax-Cut Deal
President Barack Obama this afternoon signed into law the $858 billion tax-cut bill that he negotiated with Republicans earlier this month. Compared with Obama’s previous signing ceremonies for major Legislation, it was a subdued affair. House Speaker Nancy Pelosi wasn’t standing by the president’s side with a big smile on her face—in fact, the San Francisco Democrat wasn’t even at the signing, which was held at the Eisenhower Executive Office Building, not the White House. S

Obama urges Senate to ratify arms cut treaty
President Obama urged senators today to ratify an arms cut treaty with Russia, saying it "will reduce the world's Nuclear Arsenals and make America more secure." The New Strategic Arms Reduction Treaty will enable inspectors to oversee Russia's nuclear arsenal, Obama said during his Saturday morning radio address. He also said the treaty will help improve U.S.-Russian relations. "Without a new treaty, we'll risk turning back the progress we've made in our relationship with Russia, which is esse...

Obama salutes spirit of compromise, signs tax bill
WASHINGTON—President Barack Obama signed into law a huge, holiday-season tax bill extending cuts for all Americans on Friday, saluting a new spirit of political Compromise as Republicans applauded and liberals seethed. The benefits range from Tax Cuts for Millionaires and the Middle Class to longer-term help for the jobless. The most significant tax Legislation in nearly a decade will avert big increases that would have hit millions of people starting in two weeks on New Year's Day. Decla...