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