Let's Make a Deal

Beat into submission, President Obama reached an agreement with Republicans to extend the Bush tax cuts for two more years and also give workers a 2% reduction in Social Security tax for 2011. The agreement also allows a $5 million dollar exemption amount and a top estate tax rate of 35%; allows businesses to write off 100% of their equipment and machinery purchases in 2011; and provides a 2 year alternative minimum tax patch. Details of the agreement have not been released as of today, but stay tuned, the Potts Report will provide details as soon as the details are made known. If you would like to hear President Obama announce this agreement, click here.