2009 Obama Tax Cuts

As of Jan. 4, 2009, news reports say that
President-elect Barack Obama wants to add somewhere in the area of $300 billion in tax cuts for workers and businesses to his economic recovery program.

While as of today (Jan 4, 2009) it's not fait-accompli, he will be ggressive in pushing through this plan.

His team is putting together a legislation plan with congressional democrats.

Although it has yet to be debated, and passed, it would give a break of $500 for most US workers, and at least $100 billion in tax incentives that would be for businesses to create jobs and invest in future growth.

Obama's Making Work Pay credit,
(EXPIRED IN 2010)

Could be good for as much as $500 for individuals and $1,000 for families.

As many as 150 million Americans making less than $200,000 would qualify.

On January 3, 2009, the House Majority Leader, Steny Hoyer said that he wants the House to approve the plan by the end of the month and then send it to the Senate in time for action before Congress leaves on its mid-February break.

Cross your fingers.

This info is essentially something that is subject to change, and although they may not publish the latest changes instantly, please visit www.irs.gov, after all they wrote the book on this stuff.

For more detailed tax information go to www.irs.gov