Vice President Joe Biden is on Capitol Hill to pitch to Democrats the agreement reached Monday between President Obama and Congressional Republicans on a far-reaching economic package that would preserve the George W. Bush administration tax breaks for families at all income levels for two years, extend emergency jobless benefits through 2011 and cut payroll taxes by % for every American worker through the end of next year. The scope of the agreement was far broader than lawmakers in either party had been expecting. The deal would revive the estate tax after a year-long lapse, imposing a 35% rate on estates worth more than $5 million for individuals and $10 million for couples. And, instead of a host of business tax breaks aimed at encouraging companies to part with the cash reserves they have accumulated, the deal calls for a single perk that would permit companies of all sizes to write off the entire value of their capital investments next year.
Senate Minority Leader Mitch McConnell, R-Ky., took a lead role in the talks and expressed appreciation for the determined efforts of the President and vice president in working with Republicans on a bipartisan plan to prevent a tax hike on any American and in creating incentives for economic growth.
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