By Mr. ToughMoneyLove January 28, 2009
The AMERICAN RECOVERY AND REINVESTMENT TAX ACT OF 2009 (a/k/a Obama stimulus plan) includes some new features by which income earned by some taxpayers will be re-distributed in the form of tax credits. The income being re-distributed will go to other taxpayers and, in many cases, to individuals who are not taxpayers at all but merely tax return filers.
1. A brand new $500 annual tax credit per tax filer, for 2009 and 2010.
2. The earned income credit is being increased to a maximum of $5656 for taxpayers having three children.
3. The refundable portion of the child tax credit is increased
4. The Hope education tax credit is being increased from $1800 to $2500 per student.
5. Repayment of the first time homebuyer credit of up to $7500 (this was put in place last summer) is being waived for home purchases made between 12/31/2008 and 9/1/2009.
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'The link at the top will direct you to the entire story'
(This was written in late January 2009; in the past couple of weeks many changes, additions & deletions have occured.)
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