Tackling Taxes: What The Deal Means for You

Dec. 7, 2010 — -- President Obama and Congressional Republicans finally reached a tentative deal Monday to extend unemployment benefits and keep the Bush-era tax cuts for the next two years.

The deal, which still needs to be passed by Congress, would result in lost revenue to the government of $450 billion in 2011 to as much as $600 billion. That will be added to the nation's $13.8 trilllion deficit.

Families:

Workers:

Impact: For example, a worker who makes $40,000 annually would receive $800 in tax relief and a worker who earns $70,000 would receive $1,400.