Congress Passes Obama-Bush Tax Cuts for the Wealthy
After a brief show of disapproval, the House went along with the Senate to extend George W. Bush’s gift to the yachting community for another two years. President Obama negotiated the compromise, which will add $858 billion to the deficit, thanks in part to generous give aways to rich Americans—and not just those who are living. The estate tax took a beating in this deal, leaving the first $10 million of grandpa Warbucks’ wealth untouched and taxing the rest at a lower rate than Democrats had wanted.
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on December 17, 2010. Filed under