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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/tax-legislation-sent-to-white-house.jpg"><img class="alignnone size-full" title="The US Congress has sent bipartisan tax legislation to the White House in a bid avoid a spike in income taxes on January 1" src="http://londonglossy.com/wp-content/uploads/2010/12/min-tax-legislation-sent-to-white-house.jpg" alt="The US Congress has sent bipartisan tax legislation to the White House in a bid avoid a spike in income taxes on January 1"/></a></p>
<p>The US Congress has sent bipartisan tax legislation to the White House in a bid avoid a spike in income taxes for millions on January 1 and renew jobless benefits for victims of the worst recession in 80 years.</p>
<p>The measure also will cut Social Security taxes for nearly every wage-earner and pump billions of dollars into the still-sluggish economy.</p>
<p>The 277-148 vote came the day after the Senate cleared the bill, 81-19.</p>
<p>The legislation was the result of a reach across party lines between President Barack Obama and top Republicans in Congress &#8211; stubborn adversaries during two years of political combat that ended when the GOP emerged the undisputed winner in midterm elections on November 2.</p>
<p>Republican Ginny Brown-Waite called it &#8220;a bipartisan moment of clarity&#8221; as the House of Representatives moved towards a vote.</p>
<p>After forcing a delay in the House early in the day, Democratic critics settled for a separate vote in their bid to toughen an estate tax provision they attacked as a giveaway to the very rich. They were defeated, 233-194, with one vote of &#8220;present.&#8221;</p>
<p>&#8220;The president will be able to sign it as soon as he likes,&#8221; said Democrat Rob Andrews as the events unfolded in the final days of a tumultuous two-year Congress.</p>
<p>In a statement released shortly after the vote, Treasury Secretary Tim Geithner said the bill was &#8220;good for growth, good for jobs, good for working and middle-class families, and good for businesses looking to invest and expand their work force&#8221;.</p>
<p>Mr Obama had urged the House of Representatives to approved the measure unchanged, calling the bill a good compromise with Republicans that would help the economy recover from the worst recession in decades. But his pleas failed to satisfy critics in the House who adamantly opposed a provision that would allow 5 million US dollars of each spouse&#8217;s estate to pass to heirs without taxation, with the balance subjected to a 35% rate.</p>
<p>Many Democrats favour an alternative to reduce the amount that can be inherited tax free to 3.5 million US dollars, and tax the balance at 45%.</p>
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