Congress Extends Tax Cuts; Adds New Tax Relief
From The SOHO Daily News:
"Congress has acted to extend the life of popular tax reductions that were due to expire at the end of this year, averting a tax 'increase' for virtually all taxpayers. The measure also gives a reprieve to expiring business and special-interest tax breaks, tidies up the tax code, and offers a further one-year 'fix' on the alternative minimum tax.
The Working Families Tax Relief Act of 2004 extends the life of four popular 'middle class' tax breaks. The child tax credit is extended at its current $1,000 per child level, the 10-percent income tax bracket will stay at its current level (adjusted for inflation) and two 'marriage tax penalty relief' measures will not decrease next year. "
