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.
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% (the employer’s portion will remain unchanged), 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
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 other
minimum tax (AMT) patch retroactively for 2010 and extends it
relief provisions extended through 2011.
excluded from the Middle Class Tax Relief Act of 2011
Veteran and Disconnected Youth
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