On Dec. 6, President Obama announced the “framework” for a compromise tax bill that his administration negotiated with the Republican leadership in Congress. On Dec. 9, Senate Majority Leader Harry Reid introduced the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which largely reflects the compromise framework. In essence, the act extends through 2012 most of the so-called “Bush era tax cuts,” which were originally contained in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA). The act also contains several other provisions intended to provide job creating stimulus.
Despite the vocal opposition of several Democratic members of both the House and Senate, it is now expected that the 2010 act will pass and become law. Subject to ongoing negotiations between members of Congress and the White House, a summary of the act is as follows.
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