President Obama Urges Action on Unemployment Benefits, Tax Cuts
-An increase in the supplemental tax rate: Persons receiving bonuses, commissions, or other forms of supplemental pay will see payroll withholding rise from today's 25 percent to 28 percent.
Other changes coming up in 2011 will also make the year tougher for many American families:
-Expiration of the "Making Work Pay" tax credit, which for the past two years has plumped a few bucks more take-home pay ($7.70 a week for individuals) into the wallets of the middle class.
-A reduction in the deductibility of commuting costs (currently up to $230, but up to only $120 next year).
--Expiration of the American Opportunity Credit, which had allowed parents jointly making up to $160,000 to take as a tax credit up to $2,500 for money spent on their kids' college costs.
ABC News' Matt Jaffe contributed to this report.
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