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What's Proposed
The bipartisan tax-cut deal outlined Monday by President Obama would: Extend all tax rates approved under George W. Bush for two more years for all taxpayers. Republicans wanted a permanent extension. Obama wanted to extend the rates only
The bipartisan tax-cut deal outlined Monday by President Obama would:
to households' first $250,000 of income.
2 percentage points for 2011, for a total of
$120 billion. That means employees would pay 4.2 percent to Social Security instead of
6.2 percent. A worker who earns $40,000 a year would get $800 over the year.
the Earned Income Tax Credit, the child tax credit, and tuition tax credit adopted in the 2009 stimulus package that were set to expire.
- Associated Press
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