Obama Signs Tax-Cut Package into Law: McConnell on Hand, Pelosi MIA

Politics Daily

After weeks of contentious debate, President Obama on Friday signed into law an $858-billion tax package that will temporarily extend the Bush-era tax cuts for all Americans for two years, extend unemployment insurance for the next 13 months, enact a one-year payroll tax holiday in 2011, set the estate tax at 35 percent for properties valued over $5 million and extend a raft of stimulus-related tax incentives for another year.

Calling the bill a “substantial victory for middle-class families across the country,” Obama highlighted the fact that working Americans will see not only an extension of the Bush-era tax cuts, but an increase in their paychecks — courtesy of the payroll tax holiday that begins Jan. 1. Said the president, “This is real money that’s going to make a real difference.”

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