The Making Work Pay Credit isn’t in it, so that expires at the end of this month.
The real benefits to the middle class are that the first $8,375 of taxable income (single filer) stays at 10% for the next two years, the marriage penalty fix remains for joint filers, and people who pay social security tax get a 2% reduction for one year. (So if you make $50,000 in taxable social security wages, it’s a $1,000 break.)
We keep hearing about how the U.S. government is broke, but the Republicans managed to get a tax break for people to pass up to $5 million to their heirs tax free. Ten million for a couple. So you don’t have to worry about that first ten mil.
I know if I am someone struggling to make ends meet, it’s good to see that the Republicans have my back in case I end up with $5 million to pass on. Never mind the fact the economy’s still in a funk—I don’t know where that is in their agenda.