Today the Citizens for Tax Justice (CTJ), a public policy organization specializing in federal tax issues, issued a new report highlighting the tax cuts Representative Fudge supported in the American Recovery and Reinvestment Act. According to CTJ, "the major tax cuts enacted in the 2009 economic stimulus bill actually reduced federal income taxes for tax year 2009 for 98% of all working families and individuals."
Rep. Fudge stated, "The Recovery Act has kept our economic indicators stable, but more importantly it's helped to keep money in the pockets of Americans. I encourage all of my constituents to investigate whether or not they qualify for these benefits."
All totaled, Congress has enacted over $800 billion in tax cuts, with another $285 billion already working through Congress. According to CTJ, "no legislation enacted during the Obama administration increased taxes for 2009." These facts have been supported by Democratic and Republican policy advisors alike. Bruce Bartlett, President Reagan's domestic policy advisor, noted that "federal taxes are very considerably lower by every measure since Obama became president."
Rep. Fudge commented, "When we combine tax cuts for the working class with meaningful investment in our communities, we create a holistic solution to this recession. The Recovery Act invested $6 billion in Ohio, and it gave on average over $1,000 back to working people across the state."
To find out what tax cuts you may qualify for, check the White House online tax calculator by clicking here. Key Tax Savings facts are below. Also, to see how working families and individuals in our state benefited from recent tax cuts, click here.
Tax Savings -- By the Numbers
* $160 Billion - Tax relief provided thus far through the Recovery Act to families and businesses.
* Nearly $100 Billion - Tax relief provided thus far through the Recovery Act that has gone directly in to the pockets of working families.
* Nearly $3,000 - The record average tax refund taxpayers are receiving this tax season.
* Nearly 10% - The percentage average tax refunds are up this year - something the IRS says is largely due to Recovery Act tax credits.
* 36% - The percentage of taxpayers that have not yet filed their federal income tax returns and should be aware of the Recovery Act tax credits they may be eligible for.
* 64% - The percentage of taxpayers who have already filed their taxes, but can still amend them after April 15th to collect on any Recovery Act credits they may have missed.
* 95% - The percentage of working families benefiting from the Recovery Act's Making Work Pay tax credit, making it the broadest tax credit in the history of the country.
* $800 - The amount most married couples are collecting through their paychecks this year thanks to the Recovery Act's Making Work Pay tax credit. Individuals collected $400 this year thanks to Making Work Pay.
* Up to $2,500 - The expanded amount eligible taxpayers can collect with the American Opportunity Credit to help cover college expenses thanks to the Recovery Act.
* Up to $8,000 - The amount new homebuyers can collect this year for purchasing their first home thanks to the Recovery Act's expansion of the First-Time Homebuyers Tax Credit.
* Up to $1,500 - The amount homeowners can collect this year on improvements made to their homes like energy-efficient windows, doors and insulation thanks to Recovery Act tax credits.
* $2,400 - The amount of 2009 unemployment benefits that taxpayers do NOT have to pay taxes on this year thanks to the Recovery Act.
* Over $600 - The increase in Earned Income Tax Credit a single parent of three children making $15,700 in 2009 would collect this year thanks to the Recovery Act.
* 65% - The amount by which the Recovery Act cut the cost of COBRA health insurance premiums for unemployed workers last year through an up-front tax credit.
* 700,000 - The number of new homeowners who qualified for the First-Time Homebuyers Tax Credit through the Recovery Act in 2009.