KBTX | Bryan & College Station, TX | Aggieland News

Bill Preventing Big Tax Hikes Heads to Obama

By: Associated Press
By: Associated Press

WASHINGTON -- A massive bipartisan tax package that prevents a big New Year's Day tax hike for millions of Americans is on its way to President Barack Obama for his signature.

The measure would extend tax cuts for families at every income level, renew jobless benefits for the long-term unemployed, and enact a new one-year cut in Social Security taxes that would benefit nearly every worker who earns a wage.

In a remarkable show of bipartisanship, the House gave final approval to the measure just before midnight Thursday, overcoming an attempt by rebellious Democrats who wanted to impose a higher estate tax than the one Obama agreed to. The vote was 277-148.


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