This post is from the Associated Press.

Here are the highlights of the tax package passed by Congress late Thursday and sent to President Barack Obama. It would cost about $858 billion; most provisions, which were to expire Jan. 1, would be extended for two years, unless noted.

The package extends:

• Lower rates for taxpayers at every income level. The top rate, on taxable income above $379,150, would stay at 35%, instead of increasing to 39.6%. The bottom rate, on taxable income below $8,500 for individuals and $17,000 for married couples, would stay at 10%, instead of increasing to 15%. Cost: $186.8 billion.
  
• More generous itemized deductions for high-income households. Cost: $20.7 billion.
  
• A more generous $1,000 child tax credit. Cost: $71.7 billion.
  
• Marriage penalty relief, increasing the standard deduction for married couples. Cost: $18 billion.
  
• A more generous Earned Income Tax Credit for low-income families. Cost: $15.7 billion.
  
• A series of tax breaks for students and their families, including interest deduction for student loans and an exemption for employer-provided educational assistance. Cost: $3.3 billion.
  
• A deduction for tuition and related expenses for higher education, for 2010 and 2011. Cost: $1.2 billion.
  
• A tax credit of up to $2,500 for students' higher education expenses. Cost: $17.6 billion.
  
• The top capital gains tax rate of 15%. Cost: $25.9 billion.
  
• The top tax rate on dividends of 15%. Cost: $27.3 billion.
  
• Through 2011, enhanced jobless benefits for people who have been unemployed for long stretches. Cost: $56.5 billion.
  
• A series of incentives for selling, using and producing alternative fuels, including ethanol. Many of the provisions expired at the end of 2009. They would be extended through 2011. Cost: $11.3 billion.
  
• A $250 deduction for out-of-pocket classroom expenses by teachers, for 2010 and 2011. Cost: $390 million.
  
• A federal income tax deduction for state and local sales taxes, taken mostly by people who live in the nine states without state income taxes, for 2010 and 2011. Cost: $5.5 billion.
  
• The ability of older Americans to withdraw up to $100,000 a year from Individual Retirement Accounts, tax-free, to donate to certain public charities, for 2010 and 2011. Cost: $979 million.
  
• A business tax credit for research and experimentation expenses, for 2010 and 2011. Cost: $13.3 billion.
  
• Tax breaks for capital improvements to restaurants and other retail buildings, for 2010 and 2011. Cost: $3.6 billion.
  
• A tax break for active investors in foreign-based banking, securities and insurance firms, for 2010 and 2011. Cost: $9.2 billion.
  
• Increased depreciation and expensing for capital investments by businesses. Cost: $21.8 billion.
  

The package also:

• Spares more than 20 million middle-income households from tax increases averaging $3,900 from the Alternative Minimum Tax in 2010 and 2011. Cost: $136.7 billion.
  
• Imposes a lower estate tax for the next two years, allowing couples to pass estates as large as $10 million to heirs tax-free. The balance would be taxed at 35 percent. Cost: $68.1 billion.
  
• Provides a one-year Social Security tax cut for all wage earners, from 6.2% to 4.2%. Cost: $112 billion.
  

Source: Joint Committee on Taxation.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.