President Signs Tax Bill

By: Associated Press
By: Associated Press

President Barack Obama has signed an $858 billion tax bill he negotiated with Republicans. He praised the new law as a boost for the middle class.

The package extends Bush-era tax cuts for two years, including tax rates for the wealthy that Obama had vowed to let expire. The deal includes a 13-month extension of jobless benefits for the out-of-work, and a nearly one-third cut in payroll taxes that finance Social Security.

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