House Approves Tax Compromise

Washington, Dec 17, 2010 - On Thursday, the House of Representatives approved the tax compromise.  As this bill has already been approved by the Senate, it now goes to the President’s desk for signature.  In summary, the compromise extends the 2001 and 2003 tax cuts for all income levels for two years; provides a patch for the alternative minimum tax through 2011; minimizes the estate tax with a 35 percent top rate and a $5 million exemption; cuts the Social Security payroll tax by 2 percent for one year; and provides a 13-month extension of unemployment insurance benefits.  Although Congressman Miller is concerned the unemployment benefits contained in the proposal are not paid for, he supported the bill because it is imperative Congress act to prevent a job-killing tax increase from hitting American families and small businesses.  Without such action, more Americans would be added to the unemployment rolls and small businesses will continue to face an increasingly uncertain economic climate, which will consequently hamper economic growth and job creation.

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