After a lot of speculation that the House would fight the tax bill hammered out by the Senate and White House, it passed last week and was signed by President Obama. The $858 billion bill extends Bush-era tax cuts for all taxpayers, as well as 13 months of extended benefits to the unemployed and a 2% reduction of the Social Security payroll tax. It also continues the 15 percent top rate for capital gains and dividends through 2012 and enables businesses to write off 100 percent of capital purchases in 2011 and 50 percent in 2012.
