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The broadest tax cut in the stimulus package is the “Making Work Pay” tax credit, worth about $116.2 billion (see the Urban Brookings Tax Policy Center for this and other figures) and applicable to the vast majority of working Americans. Indeed, all single filers making less than $95,000 and all joint filers making less than $190,000 are eligible for this tax cut. Most of them, in fact, are already receiving it in the form of lower withholding on their paychecks.
The well-to-do are benefiting too – or at least they will once it comes time to file their taxes next April. That’s because, as part of the stimulus, the government extended the alternative minimum tax (AMT) “patch”, which reduces the tax burden for some 24-26 million Americans who would be subject to the AMT.
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Re: Obama Has Cut Taxes for 98.6 Percent of Working Households
Well whoopee. We beneficiaries will wind up paying more in state and local taxes for all our everyday needs. With the possibility of even more coming out of our pockets with cap and trade and the deficit national health care might bring I don't think lower taxes is the thing I'm going to be praising him for by the time its all said and done