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99ers Unemployment Extension Update

99ers Unemployment Extension Update - Today with little disagreement, the Senate passed the $856 billion tax bill that contains 13 months of unemployment benefit extensions for those unemployed who have not exhausted their benefits. The Senate did NOT include any help for the millions of 99ers who have been without financial support for up to eight months.

A breakdown of the tax package shows that the wealthiest Americans will be able to celebrate a richer holiday with this massive gift from Obama and the Senate.

99ers Unemployment Extension Update

Key components of Senate tax bill according to Reuters:

Cost to retain the top two income tax rates Obama originally opposed: $61 billion.

* Keeps capital gains and dividends taxed at a top rate of 15 percent. Obama and Democrats had sought a 20 percent top rate. Cost: $54 billion.

* Repeals certain limitations on deductions for high-earning individuals. Cost: $21 billion.

Estate tax revisions Cost: $68 billion.

While some middle class households benefit from the capital gains tax cap of 15%, the wealthy are likely to benefit more greatly. A tally of the above tax benefits for the wealthy total $204 billion. Nearly 24% of the total tax bill cost is given to the 2.5 million wealthiest households in America.

99ers Unemployment Extension Update

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