(31 Dec 2010) HEADLINE: Obama Signs Massive Tax Bill into Law
CAPTION: President Obama signed a controversial, bipartisan bill Friday extending Bush-era tax cuts for all Americans as well as unemployment benefits. (Dec. 17)
NB. THIS IS A VOICEOVER TRANSCRIPT, NOT A FULL SHOTLIST
After more than a week of contentious debate between congressional Democrats and the White House, President Obama signed a massive bipartisan tax package Friday, preventing a big New Year's Day tax hike for millions of Americans.
The bill extends the Bush-era tax cuts for two more years, keeping taxes at their current level for families at all income levels.
{SOT: President Obama}
"By a wide bipartisan margin, both Houses of Congress have now passed a package of tax relief that will protect the middle class, that will grow our economy, and will create jobs for the American people."
The House gave final approval to the bill late Thursday night, overcoming an attempt by some Democrats to impose a higher estate tax.
Though both sides had complaints about the measure, in the end, it was a true bipartisan effort, supported by 139 Democrats and 138 Republicans.
{SOT: Steny Hoyer (D) Maryland}
"There probably is nobody on this floor who likes this bill. The judgement is, is it better than doing nothing?"
{SOT: Rep. Jeb Hensarling (R) Texas}
"I'm not sure I've heard anybody who really likes the bill. Perhaps that's the hallmark of a successful negotiation."
Besides extending tax cuts, the bill renews jobless benefits for the long-term unemployed.
It includes tax breaks for college students and lower taxes on capital gains and dividends.
The package also cuts workers' Social Security taxes by nearly a third -- meaning someone who currently makes 50 thousand dollars would save a thousand dollars a year.
Experts say on average, the package will save taxpayers nearly three-thousand dollars next year.
Many economists believe that will help spur growth... and hopefully lead to the creation of new jobs.
{SOT: Dr. Sarah Ito, Optometrist & Small Business Owner}
"In the last three weeks, I've hired 2 new people with the hope that this would pass. It allows me to plan for the future."
But opponents see it as a dangetrous addition to the spiraling debt.
{SOT: Pam Hoffee, Taxpayer}
"The economy is in a fragile state but we do see signs of growth and improvement and going deeper into debt is not the answer."
None of the privisions in the bill are paid for and the high price tag -- 858-billion-dollars - will be added to the deficit.
KD... the AP....
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