Well the tax bill has been signed and everything is great (except the deficit). Some of the items that passed:
Tax rates, child credit of $1000 per kid, earned income credit, college tuition credit, dividend and capital gains rates all extended. The estate exclusion is $5000000 per person and the maximum estate tax is 35%. This is all extended for 2 years. 13 months of unemployment added. In 2011 a social security tax reduction of 2% for employees only (I don’t know if this will reduce self employment tax by 2% also, but I would assume so – still waiting to find out. If not, it may pay to incorporate a small business.) Look at the link below to see more:
http://abcnews.go.com/Business/Politics/paycheck-obama-tax-cut-extension-means/story?id=12423601&tqkw=&tqshow=WN