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More. here s a breakdown. the tax cuts live on. but only for two years. not permanently as republicans had wanted. federal unemployment benefits get funded through the end of next year. this is not an extension. this doesn t go beyond the 99 total weeks that you can get but for people who have to apply for that extension they can do that. while people with jobs get a one year two percentage point break in the payroll tax which funds social security. a big get for the gop. a break in the estate tax. the white house agreed to cap the tax on estates worth more than $5 million at 35%. it was above 50%. it was going to revert to being above 50%. most americans pay more in social security tax than they actually do in federal income tax. if the president s compromise passes, the rate for 2011 for social security tax, what you have pay on your paycheck, drops from 6.2% to 4.2%. for someone earning $40,000 a ....
Credits we re talking about, we re doing that, adding to gdp growth and job growth at a time when you re right, that s what the economy needs right now in the short run more than anything. a lot of people you mentioned the 2% cut in the social security payroll tax. a lot of my viewers have been asking me where did that even come from. we didn t see the ground swell movement for that. i think alice rivlin mentioned this as part of the deficit-cutting. do you think that will contribute a lot the extra $800 for someone who earns maybe 1400 if you earn $75,000. about 1500 for 75,000. it s an idea that s quite bipartisan. members of both parties espoused this idea. both the rivlin domenici commission and commission appointed by the president recommended this temporary payroll tax holiday. they recognize that this is an important bipartisan measure. ....
The tax fight did not work out well for them. they ll refight this two years from now when the president is up for election. we ll stay on top of this with you. ed is a very good tweeter, by the way. follow him. he ll bring you up to speed with what he is hearing. while you re at it, follow me, ali velshi. there s the room. 3:20 p.m. eastern time. the president, a news conference. we ll bring it to you live on cnn. it is called being human. those are elizabeth edwards news discussing the news she is ending her cancer treatment. ....
Economy hostage until we agreed on those tax cuts for the high end. the president broke that impasse, broke that stalemate by negotiating an agreement that temporarily extends those high ends cuts against his economic judgment. but in terms of the politics of the situation and staving off a situation where middle class taxes would have gone up $3,000 next year where the economy in a fragile recovery would really have been put at risk if the president didn t get us out of the stalemate with these negotiations. and that was part of the compromise. jared, let me ask you this. whether you want to pay down the debt and reduce deficits or you want to reduce taxes, the reality is the one magic bullet here and there is a magic bullet. that magic bullet is economic growth. it is more people earning money and paying taxes, buying things from businesses who then pay more taxes. in other words more people paying the same rate of tax can ....
There is a lot in there. administrative simplification, how to look at costs in the system and make sure we are spending money the right way. there is a lot of meat there. less excessive testing. you think that will be an outcome here? i think that will come later. the legislation has money for tort reform and excessive testing is linked to tort reform, a little bit to competitive effectiveness. we ll see it, but not right away. andrew, good to talk to you. thanks for being with us. andrew rubin from nyo medical center and the host of doctor radio on xm sirius. president obama signing the hire act into law. it s $17.6 billion but $13 billion, the vast majority is for job creation. how does the government create a job? well, nick, it encourages employers the private sector to create jobs by exempting them from the social security payroll tax on new hires. ....