Obama to Sign Tax Bill Temporarily Extending Unemployment Benefits, Payroll Tax Cuts
.jpg)
On Friday, President Obama is expected to sign into law compromise legislation that would extend expiring tax cuts. The $858 billion tax deal will also extend emergency unemployment benefits an additional 13 months, and cut Social Security payroll taxes by 2 percent for one year on income up to $106,800. The House of Representatives approved the measure (H.R. 4853) by a 277-148 margin late Thursday night. An almost equal number of Democrats (139) and Republicans (138) voted in its favor. On Wednesday, the Senate overwhelmingly approved the bill by a vote of 81-19.
Photo credit: MBPHOTO, INC.
