Obama Signs Tax Bill

Monday, December 20, 2010 - 7:57am

Compromise deal will keep tax rates low for next two years.

Your income tax rate will not go up next year.

President Obama has signed the tax bill passed by the House late Thursday night into law.

The bill locks current income tax rates for two years, institutes a payroll tax cut for one year,
gives the mega-rich a big estate tax break and the unemployed another year of benefits.

"When we can put aside the partisanship and political games and put aside what's good for some of us in favor of what's good for all of us, we can get a lot done," President Obama said after signing the bill.

The president compromised with Republicans.

Last night's tax vote in the house was bipartisan, but three times as many Democrats as Republicans voted no.

House Speaker-To-Be John Boehner warned Democrats Friday that next year's Republican House majority will get its way on more big issues.

"We need to end the job killing spending binge," he said. "We need to cut spending significantly...including killing the job killing health care law."

Senate Republican leader Mitch McConnell defeated the Democrats' move to push through their 2011 spending plan.

"Next, we'll turn to cutting spending and cutting debt," McConnell pledged. "The American people are seeing change here in Washington."

Democrats are not rolling over.

They're pushing ratification of the START nuclear treaty with Russia, a repeal of "Don't Ask, Don't Tell", aid to 9/11 first responders and the DREAM Act, which gives citizenship to undocumented students.



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