December 17, 2010

Obama signs $858B tax bill

On Friday, President Barack Obama will sign the $858 billion tax bill into law, which includes the extension of both the Commuter Tax Benefit and the alternative fuel tax credit.

The signing of the bill comes only hours after the bill cleared its last major hurdle, final passage in the House around midnight Thursday by a comfortable margin, 277-148.

The bill, which passed the Senate Wednesday, will also extend the Bush-era tax rates for two years, renew jobless benefits for one year, cut the payroll tax by 2 percentage points for one year and set the estate tax at a 35 percent rate with a $3.5 million exemption.

 

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