Key details of the tax-cut extension deal
Tax cut extension: Temporarily extends Bush-era tax cuts, which expire Dec. 31, including for the wealthiest 1 percent of Americans.
Estate tax: Exempts first $5 million of a deceased person's estate, and taxes rest at 35 percent.
Jobless benefits: Extends aid for the long-term unemployed for an additional 13 months.
Payroll tax cut: Creates a one-year reduction in payroll taxes. For an individual earning $110,000, that would reduce payroll taxes by $2,136.
Other tax credits: Extends child credit, the child and dependent-care credit and the tuition deduction. As a result, families with an income of $55,000 would owe about $2,700 less in taxes than if the cuts expire.
The cost: Adds almost $1 trillion to the budget deficit over two years.
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