Friday, December 10, 2010

$860 billion tax-cut deal: Cost breakdown

Well, a compromise has been made for the future tax-cut plan. The price tag is an estimated $860 billion, and things were going smoothly. That is until the bill was brought to the Senate. As Democrats still control the Senate, they have shown resistance to the current version of the bill. It includes multi billion dollar commitments to unemployment insurance, the previous Bush tax cuts, and various tax beaks for social security and businesses. Yet, people are worried about the short term stimulus that is necessary for these plans. I agree that debt reduction should be part of the plan as well.

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