President Barack Obama signed an $858 billion tax cut measure into law Friday. The measure, a compromise between Republicans and Democrats, extends the Bush-era tax cuts for all income levels, including the nation's wealthiest Americans.
The deal also extended unemployment benefits for another 13 months. The same benefits that last f0r 99 weeks will remain in place under this provision. People who have or will use up these benefits don't get more under the deal.
There is also a slew of other tax reductions and credits included in the deal. One Republicans pushed for was a lower estate tax. The final compromise lowered the amount of the estate tax to 35 percent from 55 percent and raised the threshold that must be cleared for it to kick in from $1 million to $5 million.
Another provision were about 40 business tax breaks, which includes an option for businesses to write-off 100 percent of expenses in 2011. Also, included in this are more traditional tax credits, like one for research and development.
Given its large price tag, what do you think of the tax-cut deal?