Senate expected to vote to extend Bush era tax cuts and unemployment insurance

The Senate is expected to vote today on a compromise tax deal that would extend for two years the expiring tax cuts for all Americans and extend several expiring corporate and individual tax breaks. Other major provisions include a one year reauthorization of federal unemployment insurance benefits and a continuation of the emergency unemployment compensation benefits and a payroll tax holiday during 2011 when individuals will pay two percentage points less on their Social Security payroll tax. While the compromise is expected to pass the Senate, its future in the House is less clear as there are strong objections to the estate tax provisions and the extension of the tax breaks to the highest income Americans. Liberals in both chambers have expressed concerns that the compromise goes beyond helping the middle class and provides too generous of benefits to the wealthy.

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