President Obama Agrees to Extend Tax Cuts for 2 years
09 December 2010
President Obama announcing an agreement to extend tax cuts and unemployment aid
This is the VOA Special English Economics Report.
President Obama announced an agreement with Congressional Republicans Monday. It would extend for two years the tax cuts put in place by former president George W. Bush. The tax cuts were to end in January. The compromise extends current income tax rates for all Americans for two years. That includes rates for the richest Americans.
The agreement also cuts workers' Social Security taxes by two percentage points. Social Security is retirement insurance paid by almost all American workers and employers.
The so-called payroll tax holiday would save a family earning fifty thousand dollars about one thousand dollars a year.
For the president, the most important part of the compromise was the extension of aid payments to unemployed Americans for thirteen months. Last month, the jobless rate increased by two-tenths of a percent to nine point eight percent.
Economists say payments to unemployed people directly help the economy because they spend the money immediately. This has led some experts to call the agreement a stimulus measure meant to improve the economy.
President Obama said he accepted the compromise because he wanted to help unemployed Americans.
BARACK OBAMA: "Because of this agreement, two million Americans who lost their jobs and are looking for work will be able to pay their rent and put food on their table."
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