Highlights of the tax package passed by Congress

Highlights of the tax package passed by Congress
_Lower rates for Taxpayers at every income level. The top rate, on taxable income above $379,150, would stay at 35 percent, instead of increasing to 39.6 percent. The bottom rate, on taxable income below $8,500 for individuals and $17,000 for married couples, would stay at 10 percent, instead of increasing to 15 percent. Cost: $186.8 billion. _More generous itemized deductions for high-income households. Cost: $20.7 billion. _A more generous $1,000 child Tax Credit. Cost: $71.7 billion. _Marr...

Highlights of the tax package passed by Congress (AP)
Highlights of the tax package passed by Congress late Thursday and sent to President Barack Obama. It would cost about $858 billion; most provisions, which were to expire Jan. 1, would be extended for two years, unless noted. The package extends: _Lower rates for Taxpayers at every income level. The top rate, on taxable income above $379,150, would stay at 35 percent, instead of increasing to 39.6 percent. The bottom rate, on taxable income below $8,500 for individuals and $17,000 for married ...

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...

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 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 salutes spirit of compromise, signs tax bill
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-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’...

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...

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...

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...

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...

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...

New tax Law: What it means for you
The new tax law signed by President Barack Obama Friday will spare millions of Americans from a big Tax Increase on Jan. 1. It also includes a new cut in Social Security Payroll taxes next year. A look at how typical Taxpayers will fare in 2011: ------ Taxpayer: A single person with no Children, making $50,000 a year in wages. The taxpayer rents an apartment and pays $3,500 in college expenses. Tax bill without the law: $9,255. Tax bill with the law: $5,975. Savings: $3,280. Why: Income taxes w...

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,...

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 $858-billion tax plan
WASHINGTON (Reuters) - 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 on 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 -- prior...

Tom McClintock speaks to Congress on tax relief
I commend the Senate for passing the tax relief measure yesterday, and I hope that the House passes it today. According to the CBO, this bill comprises $136 billion in additional spending and $721 billion in tax relief. That means fifteen percent of this bill is spending – the other 85 percent is tax relief: No across the board increase in Income Tax rates next year. No AMT biting deeper into middle class families. A Death Tax that’s a third less of what it would otherwise have been ...

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 ...

What Just Passed?
While the political world spins Thursday night’s big tax vote, we think it’s worth stopping for a moment and digging into the Legislation to see exactly what just passed. Obviously, everybody knows that the bill extended the Bush Tax Cuts” of 2001 and 2003 through 2012 … but what else does this Legislation do? Well, there are literally dozens of different provisions that impact virtually every aspect of the tax code - individual brackets, Payroll taxes, capital gain...

Tax Cut Bill: A Guide to the Extensions, Cuts and Credits
Below is a summary of the major provisions of the Tax Cut deal that was passed by the Senate yesterday and is being debated in the House today. Reductions in Individual Income Tax Rates: Lower Tax Rates for Taxpayers regardless of income. 10% Tax Bracket - Extends through 2012 the 10% individual tax bracket, the lowest tax rate for those individuals making up to $8,500 and married couples making up to $17,000. If the Tax Cut extension is not approved the 10% tax rate increases to 15%. 25%, 28...

New tax Law: What it means for you
The new tax law signed by President Barack Obama Friday will spare millions of Americans from a big Tax Increase on Jan. 1. It also includes a new cut in Social Security Payroll taxes next year. Taxpayer: A single person with no Children, making $50,000 a year in wages. The taxpayer rents an apartment and pays $3,500 in college expenses. Tax bill without the law: $9,255. Tax bill with the law: $5,975. Why: Income taxes would be lower because of lower Tax Rates and a more generous Tax Credit ...

New tax Law: What it means for you
The new tax law signed by President Barack Obama Friday will spare millions of Americans from a big Tax Increase on Jan. 1. It also includes a new cut in Social Security Payroll taxes next year. Taxpayer: A single person with no Children, making $50,000 a year in wages. The taxpayer rents an apartment and pays $3,500 in college expenses. Tax bill without the law: $9,255. Tax bill with the law: $5,975. Why: Income taxes would be lower because of lower Tax Rates and a more generous Tax Credit that...

Obamas bounce
Now that Congress passed the Trillion-dollar bill, Krauthammer sees Obama as The new comeback kid Obama had a bad November. Self-confessedly shellacked in the Midterm Election, he fled the scene to Asia and various unsuccessful meetings, only to return to a sad-sack lame-duck Congress with ghostly dozens of defeated Democrats wandering the halls. Now, with his stunning tax deal, Obama is back. Holding no high cards, he nonetheless managed to resurface suddenly not just as a player but as orche...

Why Did Teddy Roosevelt Support the Death Tax?
What's so awful about the "death tax"? If you were to listen to various tax devotees, such as Michael Graetz, co-author of Death by a Thousand Cuts: The Fight Over Taxing Inherited Wealth, you would think that present-day resentment of a tax on money passed from one generation to the next is an irrational and novel thing. After all, Graetz points out, whenever given a chance Theodore Roosevelt championed the Estate Tax as a means to keep wealth from being concentrated in dynastic fortu...

Trumka: Tax Deal First of Many Battles for Workers
Congress passed an $858 billion  tax deal last night that extends vital assistance in emergency Unemployment Benefits (UI) for more than a year for the 1.4 million-plus long-term job seekers. But this deal comes at a terrible price because it rewards obstructionists with huge Tax Breaks for the nation’s Richest and  throws away precious resources we could use to revive our economy, AFL-CIO President Richard Trumka said. Congressional Republicans have shown themselves to be morally ban

Democrats got a better deal than Republicans on tax agreement, Gibbs says (Daily Caller)
White House Press Secretary Robert Gibbs said Friday that the tax deal passed through the House early Friday morning was not a bitter pill to swallow because it had more in it that President Obama wanted than stuff Republicans did. “We got a better deal on this than the other side did,” Gibbs said. Such pronouncements will balance the broader message sent later Friday when Obama holds a public ceremony to sign the tax deal into law. The deal is regularly referred to as a Tax Cut d...