H.R.4853: Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Ac

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To amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund, to amend title 49, United States Code, to extend authorizations for the airport improvement program, and for other purposes.
Sponsor: James OberstarCommittees: House Committee on Transportation and Infrastructure, House Committee on Ways and Means, House Committee on Transportation and Infrastructure - Aviation, House Committee on Transportation and Infrastructure - Highways and Transit


Article summary (how summaries work)
This is the Obama-GOP tax legislation. As passed by the Senate on 12/15, it would extend all Bush tax cuts for two years, including for the highest income levels, in exchange for a 13-month extension of unemployment insurance benefits and a new payroll tax holiday. The legislation is estimated to cost $858 billion and will be financed entirely be adding to the deficit.


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