House Passes “Most Significant Tax Bill” of Decade

Friday, 17 December 2010 | by Pat's Picks

After much wrangling, Congress voted last night to extend the Bush-era tax cuts for another two years reports the Washington Post. President Obama ignored criticism from members of his own party who think the bill gives the wealthiest Americans an unfair break. The president told critics his intention was not to benefit the wealthy but rather to make sure middle-class Americans would not face any tax increases in the new year. After it’s signed into law, the bill will prevent virtually everyone’s taxes from increasing on January 1. It also provides 99 weeks of unemployment benefits for out of work Americans and includes several programs to stimulate the growth of small businesses. The tax bill passed the House, 277 to 148.

On a lighter note, this SNL parody of the to-do surrounding Obama and the Bush tax cuts is pretty funny: