House passes Senate Tax Bill now awaits Presidents signature

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...

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...

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...

What the Tax Bill 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 bill 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 bill 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 also agreed to...

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...

Four House members from Va. voted against tax compromise
Four members of Virginia's House delegation — two Democrats and two Republicans — voted against the tax-cut Compromise late Thursday night. Voting against the package were Reps. Robert C. "Bobby" Scott, D-3rd; J. Randy Forbes, R-4th; James P. Moran, D-8th; and Frank R. Wolf, R-10th. The seven Virginia House members voting in favor of the measure were Reps. Robert J. Wittman, R-1st; Glenn Nye, D-2nd; Tom Perriello, D-5th; Robert W. Goodlatte, R-6th; Eric Cantor, R-7th; Rick Boucher, D...

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 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...

US tax deal, budget feud set stage for 2011 cuts
The author is a Reuters Breakingviews columnist. The opinions expressed are his own. To nations suffering Austerity, it must seem as if Washington has gone mad. First, the U.S. Congress fails to agree on a 2011 Budget. Then lawmakers overwhelmingly pass another giant stimulus. But both events actually hint at some chance of more disciplined fiscal action next year. President Barack Obama will quickly sign the $858 billion stimulus/Tax Cut bill that funds Unemployment Benefits for 13 months and...

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...

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...

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...

Lame-duck sessions supposed to be history
WASHINGTON — Here's the funny thing about this month's "lame-duck" session of Congress, in which frantic legislators have pinballed from Tax Cuts to "Don't Ask, Don't Tell" to a nuclear-weapons treaty. It's not supposed to exist. In 1933, historians say, the country ratified a Constitutional Amendment intended to kill off sessions like this, where defeated legislators return to legislate. The headline in The Washington Post was "Present Lame-Duck Session Will be Last." But, thanks to a h...

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 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...

Nancy Pelosi: A Ruler of Fools
Nancy Pelosi doesn't have much longer as Speaker of the House. But if there's one constant in our ever-changing world, it's that Pelosi will remain unconscionable until the gavel is wrested from her hand. During a recent Speech on the House floor, she expressed opinions about Unemployment Insurance and tax policy that seem irrational even for her. Pelosi supports extending Unemployment Insurance beyond the current 99-week limit. To substantiate her position, she touted Unemployment Benefits as a...

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,...

The tax deal's biggest losers
It's easy to declare the winners in the new tax bill, but let's not forget the unluckiest of them all -- those who have been jobless for 99 weeks. Now is just not the time for higher taxes. That's the message delivered by President Obama's tax deal, an $858 billion package that will extend Tax Breaks enacted under former president George W. Bush. The bill will prevent taxes from rising on New Year's Day for virtually every American household. What's more, it will create major incentives for bus...

Controversial tax measure signed
WASHINGTON — President Obama signed into law a huge, holiday-season tax measure extending cuts for most 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 New Year's Day. "We are here with som...

Obama Signs Extension of Bush Tax Cuts
From the Associated Press: 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&...

Lame-duck sessions supposed to be a thing of the past, historians say
Here's the funny thing about this month's lame-duck session of Congress, in which frantic lawmakers have pinballed from Tax Cuts to "Don't Ask, Don't Tell" to a Nuclear Weapons treaty: It's not supposed to exist. In 1933, historians say, the country ratified a Constitutional Amendment intended to kill off sessions like this - in which defeated legislators return to legislate. The headline in The Washington Post at the time was "Present Lame Duck Session Will Be Last." Bu...

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

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...

Obamas Learning Curve
Get alerts when there is a new article that might interest you. Let’s stipulate that President Obama is one smart dude. Everyone says so. “Obama is one of the most articulate and intelligent men ever to have been president,” historian Alan Brinkley wrote recently in Democracy. Soon-to-be House Speaker John Boehner agrees. “I think he’s engaging,” Boehner said of Obama on 60 Minutes. “Certainly smart. Brilliant.” But more than brainpower, there̵...