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The Employment Future - According to the Obama Administration
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White House White Board: Tax Cuts, Unemployment Insurance & Jobs

On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which provides vital tax relief and investments in our workers that will create jobs and accelerate economic growth.

Watch the Vice President and President's remarks from the bill signing ceremony, or watch the explanation from Council of Economics Advisers Chairman Austan Goolsbee when the compromise was first announced below.

White House White Board: Tax Cuts, Unemployment Insurance & Jobs

Benefiting the Middle Class

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides vital tax relief and investments in our workers that will create jobs and accelerate economic growth. The bill has three key accomplishments:

  • Working families will not lose their tax cut. A typical working family faced a tax increase of over $3,000 on January 1. That’s avoided under this bill, and working families won’t see their tax cuts go away next year.
  • Focused on high impact job creation measures. The bill includes some of the best measures for jumpstarting growth and job creation, including a full year of emergency unemployment insurance benefits, a 2 percent payroll tax cut for working families and a continuation of tax credits for working families. This is on top of growth generated by extension of the middle-class income tax rates. Without action, UI benefits for at least 2 million Americans would disappear this month alone, with millions more in jeopardy in the weeks ahead.
  • Does not worsen the medium- and long-term deficit. These are responsible, temporary measures to support our economy that will not add costs by the middle of the decade. The President does not believe it is affordable to make the high-income tax cuts permanent and will continue to make his case for why we cannot extend these measures beyond 2012.

Launch interactive state-by-state map

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