Presidential Tax Cut Proposal

President Obama and GOP Compromise On Two-Year Extension of Most Tax Cuts

But Will the Proposal Pass Opposition?

Here is the plan as it stands as of December 10, 2010…

President Obama announced an agreement with the GOP to extend the Bush-era individual and capital gains/dividend tax cuts for all taxpayers for two years.

The White House-brokered plan would also provide for a one-year payroll tax cut, 100 percent bonus depreciation for 2011, extenders relief, and a top federal estate tax rate of 35 percent with a $5 million exclusion.

The president’s package is expected to pass Congress before year-end, although certain modifications may be made to garner additional support by key Democrats. For more detailed info, check out our recap of the President’s plan HERE.