Senate Passes Compromise Bill Extending Tax Cuts, Unemployment Benefits

tax cutThe Senate has passed legislation that would temporarily extend the George W. Bush-era tax cuts and renew unemployment benefits for 7 million Americans, moving the compromise package on to the House of Representatives. Despite qualms from members of both parties in the House, final congressional action seems possible by week’s end. The exact timing will depend on whether Democrats are successful in efforts to amend the package.

The final vote in the Senate was 81-19.Read more from AP.

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  1. actually not just for the rich, most people will see a cut in social security taxes from 6% to around 4, meaning if your gross salary is 1000 and you were paying 60 to fica, now you will be paying 40, a savings of $20 per pay check, $40 per month, and $480 per year. If you make more money, you will see larger cuts

  2. hello:

    It seems you are drinking the liberal coolaid. Either that or you just watch/listen to too much news.

    Obama considers a person earning $250k as wealth. Well consider this: Do you know that most small business’s tax returns are actually shown on the individual’s return as income. A typical LLC will show profit and loss, and that number is reflected on their personal tax return. If you increase their taxes, they make less money, and are therefor less likely to spend more on their business, or hire someone.

    We are not talking about some fat cat somewhere taking a plunge in his hot tub of dollar bills. We’re talking about people just like you and I trying to pay a mortgage, put food on the table, pay health insurance for our family (and in some cases employees), pay salaries, pay payroll tax and social security.

    These are business owner who cannot afford an increase in their taxes. This isn’t about Bill Gate or Warren Buffett. This is about the person that redid your roof, fixed your car, sold you your sheitel, made the take out food you are eating.

    The libs want to paint it as the rich, because the more money they can keep in government, the better. Stop drinking coolaid and start thinking for yourself.

    (BTW – I still don’t understand why they chose the number of $250k. Maybe because that’s where a larger portion of America is today. Why they didn’t say $3 million or $10 million. Someone making those numbers I would agree is wealthy.)

  3. alte Lakewooder:

    Why does a person making $250K need an accountant any more than someone making $150K or $80K. Also what has needing an accountant have to do with anything (unless you are an accountant, and this is a”create insecurity, hire an accountant” plug).

    “else he is truly wealthy & the accountant won’t help.”?? What does that mean?

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