Congress passes another big tax cut we really can’t afford.

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.

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