The Deal on Tax Cuts: What it Means for You

President Obama makes a statement after meeting with Congressional leaders about tax cuts
President Obama makes a statement after meeting with Congressional leaders about tax cuts

Congress had nearly 10 years to figure out what to do with tax cuts under the Economic Growth and Tax Relief Reconciliation Act of 2001 (referred to as "EGTRRA") and its counterpart, the Jobs and Growth Tax Relief Reconciliation Act of 2003 (referred to as "JGTRRA") which were set to expire at the end of 2010. It managed to come up with a solution with less than a month to spare.

Yesterday, the White House and Congress appeared to reach a compromise that would extend the Bush tax cuts by two years. Assuming the measure passes without further tweaking (a fairly good bet), here's what those income tax measures mean for you:

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