Congress approved an $858 billion tax deal between President Barack Obama and the Republicans that will boost the economy but add to the budget deficit.
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Following are key components of the bill. All cost estimates are from the congressional Joint Committee on Taxation and for a 10-year period unless noted.
INDIVIDUAL INCOME, INVESTMENT TAXES
* Extends tax rates for all income groups, including the wealthiest 2 percent, which Obama had originally opposed.
Cost of keeping tax rates for the middle and lower income groups: $127 billion. Cost to retain the top two income tax rates Obama originally opposed: $61 billion.
* Keeps capital gains and dividends taxed at a top rate of 15 percent. Obama and Democrats had sought a 20 percent top rate. Cost: $54 billion.
* Repeals certain limitations on deductions for high-earning individuals. Cost: $21 billion.
* Extends a $2,500 annual college tax credit, favored by Obama, for two years. Cost: $18 billion.
* Extends a $1,000 child tax credit, which phases out at higher incomes, for two years. Cost: $72 billion
* Boosts earned income tax credit, which benefits low-earning working individuals. Cost: $12 billion
* Obama conceded to Republican demands on the estate tax -- 35 percent after a $5 million individual exemption.
* That level was originally pitched by Republican Senator Jon Kyl. Obama and Democrats had wanted to renew the tax at 2009 levels of 45 percent rate with a $3.5 million exemption level. The estate tax expired this year. Cost: $68 billion.
* The bill extends long-term unemployment insurance for 13 months, without a requirement that it be paid for immediately as Republicans have demanded.
* Two million people by the end of the year will lose their benefits if the benefits are not extended, according to the National Employment Law Project, a workers' rights group.
* Jobless benefits usually expire after six months, but since the recession took hold in 2007 Congress has voted to extend them for up to 99 weeks.
Cost: $57 billion, according to the Congressional Budget Office.
ALTERNATIVE MINIMUM TAX
* The bill amends the alternative minimum tax by indexing it to inflation to prevent more than 20 million middle-class taxpayers from getting hit with the tax, intended to ensure the wealthy pay some income taxes.
Cost: $137 billion.
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EXPENSING FOR BUSINESS
* Lets businesses of all sizes write off investments faster in 2011. This benefits capital-intensive companies the most.
Cost: $21 billion.
PAYROLL TAX CREDIT
* Employers and workers each pay a 6.2 percent payroll tax, which funds Social Security. The bill lowers the rate for workers to 4.2 percent for one year.
* The Social Security Trust Fund would be paid back by a transfer of general funds.
Cost: $111 billion.
ADDITIONAL INDUSTRY TAX BREAKS
* Extends a 45-cent-per gallon tax credit for ethanol for one year and a 54-cent tariff on imported ethanol. Cost: $7 billion.
* Revives for 2010 and extends a research and development tax credit to 2011. Cost: $13 billion for two years.