Despite the rumblings of House Democrats, President Obama's tax bill, which extended tax cuts to everyone including the wealthy, is making its way through the Senate. Although the roll call is continuing, it appears that the bipartisan bill will pass, which means that it will go to the House for a vote tomorrow. The bill provides a two-year reprieve in the tax increases that are scheduled to take effect on Jan. 1 at all income levels. It also reduces Social Security taxes for every wage earner in 2011 and extends an expiring program of jobless benefits for the long-term unemployed. Although many Democrats were up in arms over the president's compromise, a recent Washington Post/ABC poll finds that most Americans agree with the tax cuts. We're not sure if this will have any bearing on House Democrats who vow to block the final vote unless the legislation is changed to scale back billions in relief ticketed to the wealthy. The way the bill is moving through the Senate, along with poll findings, suggests that cooler heads may actually prevail. Nah.
Read more at MSNBC [5].
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