What does the new tax law mean for you?

Michael Barone on the tax cut controversy.

Obama had to abandon his goal of raising taxes on high earners not because Republicans opposed it but because not enough Democrats supported it. Pelosi couldn't summon up a majority on the issue back in September, and Harry Reid could get only 53 of the needed 60 votes this month.
Democrats, not Republicans, are responsible for extension of all the "Bush tax cuts."

RealClearPolitics has this on the tax compromise: "It's the liberal version of George H.W. Bush reneging on his "read my lips" tax pledge. Candidate Obama excoriated the Bush tax cuts for the wealthy. But Monday evening, President Obama tentatively agreed to extend those same tax cuts."

Taxprof has a roundup on the tax deal.

Grover Norquist, president of Americans for Tax Reform, on the tax deal. It's a tremendous Republican victory.

A deal on the tax cut has been worked out, but Democrats are as mad as hell. National Review has this comment.

The Dems and the GOP are talking about a deal to extend the Bush tax cuts for everyone temporarily and extend jobless benefits as well. That's good, but at some point we will have to face up to spending cuts for face disaster.

According to CNN, economists says that the Bush tax cuts should be extended for everyone, even the wealthiest.