Tax Breaks Under the Bailout Bill
On Oct. 3, Congress passed and 90 minutes later, President George W. Bush signed into law a historic financial markets rescue bill, the Emergency Economic Stabilization Act of 2008 (EESA). Although the new law’s primary purpose was to address the credit crunch in the financial markets, it’s also one of the largest tax bills in recent years.
Included in this bill are almost 300 changes to our tax laws, tax breaks expected to save taxpayers a whopping $150 billion. The new law includes an extensive package of tax extenders, energy incentives, disaster relief and much more.
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