Warm Southern Breeze

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Posts Tagged ‘credits’

Taxed Enough Already? Not hardly, says new report.

Posted by Warm Southern Breeze on Thursday, April 8, 2010

So-called “tea” partiers may be disappointed

The Tax Policy Center (TPC), a non-partisan policy analysis and collaborative effort of the Brookings Institution and Urban Institute, both Washington, D.C. think-tanks, recently reported that 47% of all Americans will not pay income tax for the 2009 tax year.

President Obama’s “Making Work Pay” tax credits, and his American Recovery and Reinvestment Tax Act of 2009 (Public Law 111-5) have further reduced income tax burdens on Americans.

Because of his initiatives, more than half of all elderly households, families with children, and other Americans will pay no income tax this year. More than 75% of married couples and single heads of households with income between $30,000 – 40,000 will pay no income tax. And more than 90% of all households with children will have no tax liability this year.

The Tax Policy Center estimated President Obama’s policies significantly lowered the tax burden on average Americans, …Continue…

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