Obama tax cut bill signed by 858 billion U.S. dollars

In the United States House of Representatives on the 16th, "burning the midnight oil" through tax cuts amounted to 858 billion U.S. dollars the day after the motion, the motion of the President on the formal signing of the bill. The tax cuts from the 7th of this month by the Obama and Republican members of Congress agreed to the final effect, a total of only 11 days.

According to the U.S. Congress finally passed the contents of the framework, the "United States over the past decade the most comprehensive tax bill," the main contents include the end of December this year due to the Bush administration tax cuts during the whole two-year extension; the year the end of November for the long-term unemployed due bill to extend unemployment benefits for 13 months; to give businesses tax breaks for investment; the estate tax exemption amount of U.S. residents set to 500 million, the maximum rate set at 35% and so on.

Obama, 17, said at the bill signing ceremony, the framework agreement by the Democratic and Republican support, it can protect the interests of the United States the majority of the middle class, help to stimulate job creation and boost the economic recovery. Prior to 15th of this month, Obama has said that although the bill "not perfect" but still able to support an increase in income of the middle class, to help companies increase employee; he was therefore "absolutely convinced" tax cut bill would boost the U.S. economy.

Tax cuts for the U.S. $ 858,000,000,000 bill signed into law, Hong Kong Monetary Authority Chief Executive Norman Chan said the bill would consumer confidence, consumer and financial market impact. He believes that if tax cuts help stimulate the economy through inflation, a new impetus to the U.S. economic recovery, which will also benefit other countries in the world, not just the United States; "American consumer is still the driving force of the world's largest economy . if the sharp slowdown in U.S. consumer market will make up no country, no matter how fast the growth rate in this country; it is necessary to wait and see whether these measures would be good for America. "

However, CNBC and the Associated Press previously reported survey data show that most Americans now need to raise taxes and reduce government services need to cut the federal deficit. At the same time, economists generally agreed that the tax cuts passed since this bill is equivalent to "second round of economic stimulus package," Obama Government to fulfill its "before the end of 2012, the federal budget deficit by half," promises the difficulty greatly increased.

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