Final Vote on Hot-Button Tax Deal Could Happen

7 years 1 day 3 hours ago Tuesday, December 14 2010 Dec 14, 2010 Tuesday, December 14, 2010 6:05:44 PM CST December 14, 2010 in News

COLUMBIA - President Obama's highly talked-about tax deal made it over a major hurdle Monday with a vote to end the debate in the Senate 83-15. Tuesday night, final Senate approval may happen. How does this tax deal relate to you in mid-Missouri?

Economy professor Diane Suhler of Columbia College says the major part of the deal that will affect mid-Missourians is the two percentage point cut to payroll tax.

Obama is calling this package a "victory for middle class families."

This means that the 6.2 percent of your salary that goes to Social Security will now be reduced to 4.2 percent if the deal passes.

The median income of a mid-Missouri family is around $50,000. This means the family will be able to keep around an extra $1,000 more this year if the deal passes. The national average income of an American family is around $45,000.

Suhler says this extra cash will encourage people to put a little bit more money back in to our system and bolster the economy. She says this may help business owners looking to expand and invest.

The tax proposal will also extend unemployment benefits for 13 more months this year. The unemployment rate in Missouri is 9.4 percent.

The plan will also extend the Bush-era tax credits that are set to expire December 31. We might not see much change with our salaries because of this.

The President is calling this package "strong with bipartisan support." But the President did say, "I recognize that folks on both sides of the political spectrum are unhappy with parts." The tax deal is being called a compromise.

The President hopes this will help to better recover from the recession and create new jobs.

More News

Grid
List
ST. LOUIS (AP) — Some HIV-positive patients in nearly half the counties in Missouri will lose health insurance coverage next... More >>
59 minutes ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 1:02:12 PM CST December 15, 2017 in News
ST. LOUIS (AP) — A 37-year-old man is charged in the shooting of two suburban St. Louis police officers who... More >>
1 hour ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 12:28:00 PM CST December 15, 2017 in News
MONTGOMERY CITY - One person died in a house fire Thursday afternoon in Montgomery City, according to the Montgomery Fire... More >>
1 hour ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 12:15:00 PM CST December 15, 2017 in News
PERRYVILLE (AP) — A dog who was the subject of a two-year court battle and a faked death is back... More >>
3 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 10:40:00 AM CST December 15, 2017 in News
ST. LOUIS (AP) — The search for a new St. Louis police chief is down to six finalists — three... More >>
3 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 10:34:09 AM CST December 15, 2017 in News
GIRARD, Kan. (AP) — Authorities are investigating the death of a man whose body was found under a rural southeast... More >>
4 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 9:43:00 AM CST December 15, 2017 in News
OLATHE, Kan. (AP) — A homeless man who told police he dismembered his wife in a Missouri hotel room then... More >>
4 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 9:40:00 AM CST December 15, 2017 in News
COLUMBIA - The trial date for a man charged in connection with a 2002 rape case has been set for... More >>
5 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 8:33:00 AM CST December 15, 2017 in News
COLUMBIA - A Missouri basketball player and a former Mizzou student have teamed up to start a nonprofit aimed at... More >>
5 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 8:15:00 AM CST December 15, 2017 in News
COLUMBIA - The Columbia Chamber of Commerce is advocating for a full functioning Hyperloop to come to Missouri. After... More >>
10 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 3:32:00 AM CST December 15, 2017 in News
COLUMBIA – More than 2,300 students will receive degrees from The University of Missouri this weekend, which means heavy traffic... More >>
11 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 2:20:00 AM CST December 15, 2017 in News
ST. LOUIS (AP) — Kevin Roy scored twice and John Gibson made 29 saves as the Anaheim Ducks defeated the... More >>
15 hours ago Thursday, December 14 2017 Dec 14, 2017 Thursday, December 14, 2017 10:20:39 PM CST December 14, 2017 in Sports
COLUMBIA - Iron Tiger Tattoo parlor in downtown Columbia mops its floors nearly three times a day. It didn’t use... More >>
16 hours ago Thursday, December 14 2017 Dec 14, 2017 Thursday, December 14, 2017 9:56:00 PM CST December 14, 2017 in Target 8
CAMDENTON - The Missouri Department of Natural Resources recommended an old manufacturer in Camdenton as a Superfund site. Money... More >>
17 hours ago Thursday, December 14 2017 Dec 14, 2017 Thursday, December 14, 2017 8:30:00 PM CST December 14, 2017 in News
VERSAILLES - Prosecutors filed charges against three employees of the Morgan County Jail on Monday, including a nurse accused of... More >>
18 hours ago Thursday, December 14 2017 Dec 14, 2017 Thursday, December 14, 2017 7:50:00 PM CST December 14, 2017 in News
FULTON - People who are preparing to travel for the holidays are automatically at risk for robberies, road issues, and... More >>
18 hours ago Thursday, December 14 2017 Dec 14, 2017 Thursday, December 14, 2017 7:25:00 PM CST December 14, 2017 in News
JEFFERSON CITY (AP) — The search for Missouri's next top education official has started. The State Board of Education... More >>
19 hours ago Thursday, December 14 2017 Dec 14, 2017 Thursday, December 14, 2017 6:13:24 PM CST December 14, 2017 in News
MOBERLY - Fire and law enforcement officers from three counties received radiological training Thursday at the Moberly Fire Department. ... More >>
19 hours ago Thursday, December 14 2017 Dec 14, 2017 Thursday, December 14, 2017 6:09:00 PM CST December 14, 2017 in News
Columbia, MO
Broken Clouds 43°
2pm 43°
3pm 44°
4pm 44°
5pm 42°

Select a station to view its upcoming schedule:

Coming Up Next

1:00p
Days of Our Lives
2:00p
The Dr. Oz Show
3:00p
Dr. Phil
1:00p
Maury
2:00p
Maury
3:00p
The Robert Irvine Show

Tonight's Schedule

7:00p
Blindspot
8:00p
Dateline NBC
7:00p
The 86th Annual Hollywood Christmas Parade
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld