Watch: Obama on taxes and unemployment benefits
- Extend all of the Bush-era tax cuts for another two years; this includes tax cuts for individuals earning more than $200,000 per year and couples earning more than $250,000 annually.
- Continuation of the $1,000 Child Tax Credit, the Earned Income Tax Credit and the American Opportunity Tax Credit.
- A 2 percent reduction in payroll tax cuts for employees for calendar year 2011.
- A 13-month extension on unemployment insurance for approximately 2 million Americans that would otherwise lose their benefits in the coming months. Unfortunately this doesn’t provide additional benefits to the 99ers, those that have exhausted all 99 weeks of unemployment insurance.
- A $5 million exemption on estate taxes with a top tax rate of 35 percent.
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