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Tuesday, December 7, 2010

2011 Tax Cuts

The Obama administration and senate are close to a deal on the Tax extensions, which will cost Americans approx $900 billion over 2 years and financed by debt.  Included in the deal on the table are the following:
  • Extension of tax rates for all for 2 years.
  • Extension of unemployment insurance for 14 months (A source says this does not include the current 99ers that already expired).
  • 2% reduction of the 6.2% social security tax on all wage earners for 1 year.
  • $1,000 child tax credit extended for two years and an expansion of the earned income tax credit
  • Estate Tax compromise, which includes an exemption under $5 million and 35% tax over that for 2 years.
  • Extend the college tuition tax credit for some families
  • 100% write-off of outdated equipment 
  • AMT adjustment for 21 million families (doesn't say who falls into that bracket)
  • Top rate of 15 percent on capital gains and dividends would remain in place for two years 
I didn't see anything on whether the mortgage interest write-off was still on the chopping block, so I have to assume it is.

Source: Huffingtonpost, NYTimes and CalculatedRisk

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