Senate Backs $15K Tax Break for Homebuyers

Republicans, Obama agree to payroll tax holiday, middle class breaks

(NEWSER) - The tax cut deal President Obama struck with Republicans yesterday is far more sweeping than lawmakers on either side of the aisle were expecting, and aside from extending the Bush tax cuts across the board, here's the lowdown, as per the Washington Post:

• Inheritance tax: After a year's lapse, individual estates worth more than $5 million (twice that for couples) are now subject to a 35% levy.
• Payroll tax holiday: Will extend across all income levels, costing $120 billion. A couple making $70,000 a year will see $1,400 in savings.

Families to bring home $65 more per month, says prez

(NEWSER) - Americans will see tangible results from the stimulus—more money in their wallets—by April 1, President Obama said today in his weekly radio address. “Never before in our history has a tax cut taken effect faster or gone to so many hardworking Americans,” he said. The Treasury department has begun ordering employers to withhold less from paychecks, and the average US family will take home $65 more per month, the AP reports. More»

$800 billion, $647-page tome means big gov't again

(NEWSER) - President Obama’s $800 billion stimulus plan—which stood at 647 pages when it passed the House last week—signals a return to “unabashed” big government, the Los Angeles Times reports. Here’s what it means:

• For the next 2 years, individuals making under $75,000 will get a $500 tax credit. Those making more than $100,000 will get no tax credit. Those earning under $80,000 will also get a $2,500 college tuition credit.

(NEWSER) - President Obama listened to Republican gripes about his stimulus plan today, then calmly reminded them that "I won," Politico reports. The GOP is seeking more middle-class tax cuts, among other things, and says the spending package is too large. Further negotiations are planned, but Dems appear to be in control. Asked if he worried about GOP resistance to passing the bill by Feb. 14, Harry Reid replied, “No.” More»

Public works, education get plenty of attention in measure

(NEWSER) - House Democrats today introduced a long-awaited stimulus package, developed with President-elect Obama, and totaling $825 billion, the New York Times reports. The economic recovery plan includes billions in tax cuts, Medicare subsidies, and public-education and infrastructure spending. The Senate is developing its own version, and vigorous debate is anticipated as Congress attempts to pass the legislation by mid-February. More»