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