Some on the left are already griping that the White House gave up too much by raising the income limit on the Bush tax cuts to $400,000-450,000, but here is what the president got in return for his minor concession:
– A permanent rise in tax rates to the Clinton era levels for all individuals making over $400,000 a year.
– A return to the Clinton era rates on capital gains.
– The Estate Tax will be set at 40% for those at $400,000 threshold with a $5 million exemption.
– A 5 year extension of the Earned Income Tax Credit, the Child Tax Credit, and the American Opportunity Tax Credit for low income Americans.
– All Obama small business tax breaks extended for another year.
– A full year extension of unemployment benefits.
– A nine month Farm Bill.
– A permanent patch for the Alternative Minimum tax.
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