U.S. House Approves Extending Bush-era Tax Cuts

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 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...

House Passes Bush Tax Cut Rate Extension 277-148 in Late-Night Vote Raw Video 12/16/10
The U.S. House of Representatives has passed the bill extending the Bush Tax Cut Rates by a 277-148 vote. The vote came around midnight last night, and sends the bill on to President Obama where he will sign it into law. The bill leaves the current Tax Rate in place on all income levels, and also provides a one-year Social Security “tax holiday” - with virtually all U.S. workers paying 2% less in Payroll taxes in 2011. ...

New Jersey Senators divided over tax cut extension
On Wednesday, December 15, 2010, the United States Senate voted 81-19 overwhelmingly in favor of extending the temporary Tax Cuts put in place by former President George W. Bush in 2001 and 2003.  President Barack Obama urged the United States Congress to agree with the Tax Cuts being extended after he brokered a deal with the Republican leaders in the Senate.  However, New Jersey Senator Frank Lautenberg did not vote in favor of the tax cut extension brokered by President Obama while ...

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...

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...

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...

Social Security under attack : Opinion Shop
0 Andrew Harrer/Bloomberg President Obama signs an $858 billion bill extending Bush era Tax Cuts for two years and reducing Payroll contributions to the Social Security fund. By Eric Kingson, Nancy Altman and John M. Cornman Washington's policy elites just don't get Social Security. On Thursday, Congress passed the Obama-GOP Compromise tax bill, replacing 15 percent of revenue dedicated to Social Security with borrowed money that will increase the federal Deficit in 2011. On Dec. 3, a majorit...

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 could cash in on compromised U.S. tax-cut deal
President Barack Obama (3rd-L) flanked by Vice President Joe Biden (L) and members of Congress including Senate Minority Leader Mitch Mc Connell, signs the middle-class Tax Cut bill in the South Court Auditorium December 17, 2010 in Washington, DC. 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. Sheldon Alberts, P...

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,...

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...

McConnell Embraces Obamas Taxes Wont Go Up for Anyone Claim
Senate Minority Leader Mitch McConnell (R-Ky.) added that the vote “represents a clear shift in the debate over America’s path to Economic Recovery,” as “Democrats joined our effort to ensure taxes aren’t going up on anyone and that Americans are keeping their money so they, not the government are more equipped to help bring our economy back.” Sure, there’s lots wrong with the deal, on the Estate Tax and the broken promise to end the wealthiest American...

Krauthammer ♥ 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 nonetheless managed to ...

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 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&...

Obama signs massive tax bill, hails deal with GOP
WASHINGTON (AP) — President Barack Obama has signed an $858 billion tax bill he negotiated with Republicans. He praised the new law as a boost for the Middle Class. 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. Is an internship the new entry-level job? Did a C...

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...

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...

Obama keeps Bush's vast tax cuts for wealthy
President Barack Obama last night signed into law a sweeping $858bn (£554bn) tax bill that ensures tax-rate cuts introduced by former President George Bush nearly a decade ago will remain in place for another two years, offering a potentially powerful fillip to the flat US economy. The passage of the law on Capitol Hill was the most dramatic evidence yet that Bipartisan Compromise has been unexpectedly resurrected in the weeks after November's Midterm Elections. The deal was largely the one s...

Obama keeps Bush's vast tax cuts for wealthy
President Barack Obama last night signed into law a sweeping $858bn (£554bn) tax bill that ensures tax-rate cuts introduced by former President George Bush nearly a decade ago will remain in place for another two years, offering a potentially powerful fillip to the flat US economy. The passage of the law on Capitol Hill was the most dramatic evidence yet that Bipartisan Compromise has been unexpectedly resurrected in the weeks after November's Midterm Elections. The deal was largely the one s...

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...