Unless you are backpacking in the Yosemite wilderness, you know that the House of Representatives approved a measure to avoid income tax increases on all but those who make more than $450,000 per year. The measure, H.R. 8, also postpones the sequestration spending cuts that were to be triggered today, and extends federal unemployment insurance benefits for the long-term unemployed until December 13, 2013. The bill also once again postpones MediCare provider payment cuts ("doc fix") and extends tax credits/expenditures/
Oh, and before you buy into the rhetoric of either side, note that the expiration of the payroll tax holiday will take more money out of paychecks ($125 billion) than the extension of the Bush tax cuts for the 98% will put in them ($120 billion). While it's a smart policy move as accrued Social Security benefits weren't being correspondingly reduced thus creating a hole in the "lockbox," it's a bit funny how nobody talked about it.
