Congress Approves $801 Billion Tax Cut

When I went to bed last night, I had plans for another story to be posted today. With yet another one to be written sometime today, when I wasn't at work. However, when I woke this morning, an email in my cluttered in-box changed that. This is one of few times, that my post verges on the borders of politics. Politics is not a topic for this blog, however sometimes, the world of politics verges on our financial lives. It is for that reason, that I am bringing in this bit of political news today.

Congress at midnight Thursday approved an $801 billion package of tax cuts and $57 billion for extended unemployment insurance. The vote sealed the first major deal between President Obama and Congressional Republicans as Democrats put aside their objections and bowed to the realignment of power brought about by their crushing election losses.
The bipartisan support for the tax deal also underscored the urgency felt by the administration and by lawmakers in both parties to prop up the still-struggling economy and to prevent an across-the-board tax increase that was set to occur if the rates enacted under President George W. Bush had expired, as scheduled, at the end of the month.
- New York Times

What this means to us financially, is that the Bush Era tax cuts have been extended for another 2-years. In other words, we will not see our taxes rises next year, as was feared. This is good news for all Americans.



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