Senate Passed the Middle Class Tax Relief Act of 2010
The Senate overwhelmingly passed the Middle Class Tax
Relief Act of 2010 (H.R. 4853) by a vote of 81-19. It will now go on to the House
for their consideration and could be ready for the floor and final passage later today.
Senate measures Include in the Middle Class
Tax Relief Act of 2010:
employee payroll cut for 2011 which would provide a payroll/self-employment tax holiday
during 2011. The Social Security tax on wages earned up to $106,800 would be reduced
from 6.2% to 4.2%, and the Social Security tax that self-employed individuals pay
would be reduced from 12.4% to 10.4%.
tax relief provisions extended through 2011, along with other business tax relief
provisions not listed below:
Opportunity Tax Credits
of Columbia Enterprise Zones
Markets Tax Credit
write-off of 100 percent for new equipment business investments in 2011.
extension of unemployment benefits for the next 13 months.
American Opportunity credit will be extended, as will improved Earned Income Tax Credits
and Child Tax Credits.
cuts for all income levels to continue through 2012.
tax relief for 2 years, set at a 35 percent with a $5 million exemption, along with
minimum tax (AMT) patch retroactively for 2010 and extends it through 2011.
relief provisions extended through 2011.
Provisions excluded from the Middle Class Tax Relief Act of 2010:
Veteran and Disconnected Youth
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