From the Wall Street Journal, “Republicans Announce Agreement On $70B Tax Relief Bill.”
Also, from Bloomberg, “Congressional Republicans Set Votes on Tax Cuts.”
And, finally, from MarketWatch, “Congressional Republicans agree to extend tax cuts.” Excerpt:
In order to keep the net size of the package to less than $70 billion, negotiators included a number of revenue-raising measures. These include a provision that allows wealthier people to convert retirement savings into Roth IRAs.That’s expected to provide a short-term revenue boost because money moved out of traditional IRAs into Roth IRAs is taxed immediately. Critics say the measure will put a hole in the budget over the longer term when retirees withdraw Roth IRA funds that have grown tax-free.
(Hat Tip: TaxProf Blog)