On Friday President Barack Obama signed an $858 billion tax bill into law, saying “this is progress and that’s what they (the American people) sent us here to achieve.”
“We are here with good news for the American people this holiday season,” he said. “By a wide margin, both houses of Congress passed a package of tax relief that will protect the middle class, that will grow our economy and will create jobs for the American people.”
The package includes a two-year extension of the Bush-era tax cuts set to expire December 31. It also would extend unemployment benefits for 13 months, cut the payroll tax by 2 percentage points for a year, restore the estate tax at a lower level and continue a series of other tax breaks.
The bill, which cleared the Senate 81-19 on Wednesday, passed despite objections from both the left and the right. However, the pending expiration of the lower tax rates dating back to 2001 created a deadline that forced both sides to accept provisions they had long opposed.
What do you think of the Tax Bill? Good or bad idea?
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