The tax bill has passed and is heading for Obama's signature.  The bill extended the Bush era tax cuts that were due to expire on Jan 1, 2011 for another 2 years.

The tax cuts included lower tax rates for everyone, tax breaks for college students, and lower taxes on capital gains and dividends.  Furthermore, Social Security taxes have been cut from 6.2% to 4.2% for 2011.  This means you will receive more take home pay as a result of the lower rate. 

Perhaps this legislation is good for economic and job growth but that remains to be seen.  The estate tax is where the biggest concern is, allowing estates to pass $10 millions to heirs tax free. 

With the new bill extending the cuts for 2 years, would make for an interesting election year in 2012.