Obama and GOP reach deal on two-year extension of Bush tax cuts for all incomesBy Jon Ward - The Daily Caller
Published: 3:29 PM 12/06/2010 | Updated: 6:25 PM 12/06/201
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The deal will extend the current tax levels for two more years, preventing taxes from going up on any income levels, despite the wishes of many liberal Democrats — including Obama — that individuals making more than $200,000 a year and families with more than $250,000 a year in income see their rates go up.
In exchange, Republicans have agreed to extend unemployment insurance benefits for an additional 13 months.
Obama presented the proposal to Democratic congressional leaders at the White House Monday afternoon, seeking to obtain their approval for the deal.
A House Democratic leadership source cautioned that the full party caucus will need to give their approval to any deal, which House Speaker Nancy Pelosi, California Democrat, will likely present to them at a Tuesday evening meeting.
Other details include a temporary two percent reduction in payroll taxes – reported by the Wall Street Journal to be one year – to replace Obama’s “Making Work Pay” tax credit from the 2009 stimulus bill,
and a compromise on the estate tax, which will be set for two years at 35 percent, with a $5 million exemption amount.
The tax rate for capital gains and dividends will be maintained at 15 percent. The Daily Caller was the first to report these details. And ABC News’ Jake Tapper reported that businesses will be allowed to deduct 100 percent of certain investments for one year, an idea that Obama proposed in September.
The estate tax solution comes from Sen. Blanche Lincoln, Arkansas Democrat, and Sen. Jon Kyl, Arizona Republican....
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More:
http://dailycaller.com/2010/12/06/obama-and-gop-reach-deal-on-two-year-extension-of-bush-tax-cuts-for-all-incomes/:nuke:
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