(CNN) - The U.S. Senate voted Monday to move forward with a tax deal that would extend Bush-era tax cuts. If it becomes law, it would cost more than:
· The Iraq and Afghanistan Wars from 2001-2008 ($752 Billion according to CBO)
· The stimulus bill ($787 Billion over ten years, from CBO)
· The entire domestic output of South Korea last year ($832 Billion says the World Bank)
The Congressional megadeal on taxes and unemployment is slated to add some $857 Billion to the US debt. Of course, it also keeps billions in Americans' pockets. In this week's American Sauce, we lay out what is in the relatively short bill that feels like a Russian novel. We also tackle Congress' procrastination list and an issue almost ignored: rising gas prices. Click here to listen.
Keep reading for a look at what else is in this tax deal, by size.
The bill itself is just 72 pages long and will be numbered H.R. 4853. But in those 72 pages are a litany of tax cut and policy extensions that affect nearly every American in multiple ways. Here are some of the highlights, as estimated by the Joint Committee on Taxation last Thursday:
* Income Tax Extensions through 2012: $545 Billion
-Bush Tax Cuts, extend through: $408 Billion
-Alternative Minimum Tax protection: $137 Billion
* New Payroll Tax Cut for 2011: $111 Billion
* Business, Investment and Other Tax Extensions: $77.2 Billion
– Depreciation and other business incentives, through 2012: $22 Billion
– Research and experimentation tax credit, through 2011: $13.3 Billion
– State and local sales tax deduction, through 2011: $5.5 Billion
– Ethanol tax credit extension, through 2011: $4.8 Billion
– Restaurant and retail tax credit for capital improvement, through 2011: $3.6 Billion
– Biodiesel and renewable diesel tax credit, through 2011: $2 Billion
– Tuition tax deduction, through 2011: $1.2 Billion
– Railroad track maintenance tax credit, through 2011: $330 Million
– Rum excise tax change, to increase the tax floor on rum from Puerto Rico and Virgin Islands:
– Washington DC investment tax credit, through 2011: $138 Million
– NASCAR and other race tracks, credit for capital improvement. Through 2011: $36 Million
– Mine rescue team training credit, extend through 2011: $5 Million
* Estate Tax Change/Cut for 2011: $68 Billion
* Unemployment Extension for 2011: $57 Billion (NOTE: this estimate is from the Congressional Budget Office)
What are the details of the major provisions?
Click here and listen to this week's American Sauce. Also included in this meaty episode: the left-over business in Washington, gas prices outside of DC and which world economies are at the top and bottom of the performance list.