Saturday, April 10, 2010

Dollars Taxes

Some stuff in last year's stimulus bill that probably will reduce your income tax. Those damned Democrats. AP (04.10.10), via Huffington:
"Credits (ed.: as in a credit is a dollar-for-dollar reduction in the taxes you'd otherwise have to pay) taxpayers may be eligible for include:

_Up to $8,000 for first-time homebuyers. The credit will be available through the end of April.

_Up to $2,500 for college expenses.

_Up to $1,500 for making energy-efficiency improvements to homes.

_For new vehicles purchased between Feb. 17-Dec. 31, 2009, the state and local taxes can be deducted.

_An expanded child tax credit providing $1,000 for each child under 17.

_The earned income tax credit now provides up to $5,657 to low-income families with at least three children.

Many workers have already received, through adjusted withholding in their paychecks, the 'Making Work Pay' credit of as much as $800 for couples and $400 for individuals. For those who haven't yet received the full amount due, they will get the additional money when they file."

The Associated Press: Obama advertises tax breaks ahead of Tax Day

Raising taxes? Why yes!! That too: "Obama wants to extend Bush's tax cuts, except for individuals making more than $200,000 a year and couples making $250,000."

We can't tell you how sorry we are that someone making that kind of dough has to pay a little more in income tax. Life is just so UNFAIR!!



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