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$860 billion tax-cut deal: Cost breakdown

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$860 billion tax-cut deal: Cost breakdown
Topic: Markets & Investing 11:16 pm EST, Dec 11, 2010

- Bush tax cuts: $544.3 billion. The package would extend the Bush tax cuts for everyone for two years.

- Unemployment benefits: $56.5 billion. The package would also leave in place for 13 months the option to file for extended federal unemployment benefits -

- Social Security tax break: $111.7 billion. The package would also offer workers a payroll tax holiday worth 2 percentage points next year, so that instead of paying 6.2% on their first $106,800 of wages, they will only have to pay 4.2%.

- Individual tax credits: $8.3 billion. The compromise framework would also extend for two years the increased value of a number of tax credits that benefit low- and middle-income tax filers, such as the earned income tax credit, the child credit and a revamped tax credit for college costs.

- Business tax breaks: $69 billion. The bill contains more than 40 business tax breaks.

- Estate tax: $68 billion. The compromise framework also includes a lower estate tax, which barring any changes would return in 2011 with a $1 million exemption level and a top rate of 55%.

$860 billion tax-cut deal: Cost breakdown



 
 
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