the tax cuts total $917 BILLION - FUCK you REPUGlicans - next time you say there is no money to pay for unemployment benefits #p2 @gop #tcot

- legislation also includes temporary extensions of unemployment insurance benefits and dozens of temporary business and individual tax incentives
 - it does not include revenue offsets
-the estimated budget effect through fiscal year 2013 is $917 billion
- income tax relief provided in EGTRRA and JGTRRA at an estimated cost of $408 billion
- Extension higher AMT exemption and allowance of nonrefundable personal credits against the AMT for 2010 and 2011 ($137 billion)
- An estate tax for 2010 through 2012, with an exemption of $5 million per person and rates up to 35 percent with an election out of the tax for 2010 ($68 billion)
- [states love this one becasue it takes revenues away and is a complinace headache ] Extension of 50 percent bonus depreciation and small-business expensing through 2012 and a 100 percent expensing allowance for property placed in service after September 8, 2010, through 2011 ($22 billion);
- [the prelude to the bankruptcy of social security] - A one-year reduction in the employee share of the Old Age, Survivors, and Disability Insurance (Social Security) tax from 6.2 percent to 4.2 percent ($112 billion)
- [corp benefits] - Extension through 2011 of an array of provisions that have expired or are scheduled to expire at the end of 2010, including, among others, the research and experimentation (R&E) credit, the subpart F active financing exception, the lookthrough rule for payments between related controlled foreign corporations, and the "section 1603" credit providing grants for specified energy property in lieu of production or investment tax credits ($55 billion)

- the tax relief provided by the Act is largely a continuation of existing tax policies. Extension of the 2001 and 2003 tax cuts, AMT relief, and other expired or expiring provisions accounts for $600 billion of the $800 billion revenue impact of the Act.
- Social Security tax reduction effectively replaces the Making Work Pay tax credit in that it is intended to encourage employment and place cash in the hands of likely consumers
- expensing provisions are a continuation of 2010 law augmented with a one-year, 100 percent expensing allowance

- Congress avoided the PAYGO mandate [which requires tax cuts and spending increases to be offset with tax increases or spending cuts. Under PAYGO, all of the provisions of the Act would have had to be offset], however, by designating each provision of the Act as an "emergency requirement" under the budget rules. As a result, the Act includes none of the revenue offsets that have been proposed in President Obama's budget or in previously passed House or Senate bills



see report here http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_tax_StayingInPlace_121710.pdf