In recent news:
Republicans achieve top goal in Obama tax-cut plan
By CHARLES BABINGTON, Associated Press Charles Babington, Associated Press – 8 mins ago
WASHINGTON – Republicans control neither the House nor the Senate — and certainly not the White House.
Republicans prevailed on their biggest demand: continuing Bush administration tax cuts for the wealthiest Americans, despite Obama’s 2008 campaign promise to let them expire for households earning more than $250,000 a year. Obama, while acknowledging Democratic unrest, agreed to extend the tax breaks for two years, whereas Republicans wanted a permanent extension.
His plan also would renew jobless benefits for the long-term unemployed, and grant a one-year reduction in Social Security taxes paid by workers but not by employers.
The proposed Social Security tax cut would apply to virtually every working American. For one year they would pay 4.2 percent of their income, instead of 6.2 percent, to the government retirement program, fattening U.S. paychecks by $120 billion in 2011.
Obama said he reluctantly made another concession to Republicans, concerning the estate tax. It would tax estates worth more than $5 million at a rate of 35 percent, a GOP goal. Democrats favored a $3.5 million threshold, with a 45 percent tax on anything higher.
Under his plan, unemployment benefits would remain in effect through the end of next year for workers who have been laid off for more than 26 weeks and less than 99 weeks. Without an extension, 2 million individuals would have lost their benefits over the holidays, the White House said, and 7 million would have done so by the end of next year.
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Looks good to me. Any problems? Let me know because I’m seriously clueless on all levels of operation. Bahahaha!
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