Bush tax cuts 101: Who will get what if Obama deal passes?

The tax-cut accord is a broad package that, if approved by Congress, would include much more than just a two-year extension of the Bush tax cuts. Here's a look at who gets what.

By , Staff writer

Middle-class taxpayers

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    Sen. Charles Schumer (D) of New York speaks on Capitol Hill Dec. 4 after failing to limit Bush tax-cut extensions to the lower and middle classes.
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A family earning $60,000 might save more than $1,000 from the extension of Bush tax cuts, according to analysis by the nonpartisan Tax Policy Center. Those savings could be doubled for a household earning $90,000. The tax-cut package would include an "AMT patch" to avoid snagging middle-class households in the alternative minimum tax.

The tax bargain also includes a two-year extension of a college tuition tax credit that Obama launched in the 2009 Recovery Act. Keeping the American Opportunity Tax Credit, worth up to $2,500 for students or their families (and partially refundable), would benefit some 8 million Americans.

A family earning $60,000 might save more than $1,000 from the extension of Bush tax cuts, and the savings could be doubled at an income level of $90,000. The tax-cut package would include an "AMT patch" to avoid snagging middle-class households in the alternative minimum tax.

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