Obama Tax Cuts: What's In It For YOU

When President Obama announced the new framework for taxes last night, there was a little something for everyone. I discussed the proposal with WCBS-TV this morning.

• Extension of the Bush-era tax cuts for all tax payers for two more years
• Maintenance of the dividend and capital gains tax at 15 percent
• Temporary cut of payroll taxes by two percent (6.2 to 4.2 percent) for one year. If you earn $50K/yr, this amounts to a savings of $1,000 and those who earn the SS wage base of $106,800, the savings are $2,136 per year
• A 13-month extension of unemployment benefits
• An estate tax of 35 percent above a threshold of $5 million
• An adjustment to the alternative minimum tax, which would prevent over 21 million households from being hit by AMT
• Extension of the college credit
• Expansion of $1,000 Child Tax Credit

Jill Schlesinger

Jill Schlesinger, CFP® is the Emmy-nominated business analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.

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