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What the tax extension means for you

After months of debate and compromise between President Obama and congressional leaders, a measure that extends tax cuts enacted by George W. Bush, introduces new tax incentives and extends jobless benefits cleared the House and Senate and is headed to the president for his signature. Under the deal, most Americans will pay lower taxes next year.

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NOTE: Current policy does not include the Making Work Pay tax credit. Income levels represent cash income. The 20% income percentile groups contain an equal number of people, not tax units. The tax cuts that President Obama proposed to extend for families earning less than $250,000 also applied to individuals earning less than $200,000.
SOURCE: Tax Policy Center, Joint Committee on Taxation, Office of Management and Budget | GRAPHIC: Wilson Andrews and Alicia Parlapiano / The Washington Post. Updated Dec. 8, 2010.

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