Friday, December 17, 2010

House Passes Tax Package

Unlike how it is being presented by much of the media, the U.S. House of Representatives sometime in the middle of the night last night passed an extensive tax bill, which continues the existing tax rates for all Americans for the next two years.

After more than a week of fierce debate the majority voted against increasing taxes.

In the bill, the estate tax, more commonly known as the "death tax," has been reinstated, but at a lower rate than confiscatory bureaucrats had hoped for. Also, there are a number of provisions that allow businesses to take up to 100 percent depreciation on various property categories (equipment, etc.) in order to stimulate production and hiring.

There will be more to come . . .

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