President Obama has proposed some tax relief for American families. Among the tax provisions of the proposed legislation The American Recovery and Reinvestment Tax Act of 2009 (ARRT) is a refundable tax credit of 6.2% (equal to the social security tax withheld from your pay) of earned income, not to exceed $500 for a single person or $1000 on a joint return. There are also proposed temporary increases in education credits, the Earned Income Credit and Child Tax Credit, and a waiver of the repayment requirement in certain cases if a taxpayer chooses the First-Time Home Buyer’s Tax Credit.
Feb 02 2009
Proposed tax legislation
