Here are some of the various tax provisions and how they could affect your finances:

• Individual Income– the Bush-era tax rates extend for two years for all taxpayers. Current rates would remain in place, with a top rate of 35%.
• Capital Gains– Current rates would be extended, and the top rate on long-term capital gains would remain at its historic low of 15% for two years. The rate applies to gains on assets held longer than a year.
• Payroll tax: Employees’ payroll (FICA) tax would be cut to 4.2% from 6.2%, on the first $106,800 of wages per worker, for 2011 only.
• Alternative minimum tax: A two-year “patch,” for 2010 and 2011, would keep the AMT exemption at or near current levels.

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