Washington, DC – April 14, 2010 – (RealEstateRama) — Congressman Jim Himes (CT-4) reminded constituents today that Connecticut taxpayers are seeing significant relief as a result of new tax breaks for middle and low-income families. As noted by former Reagan policy advisor Bruce Bartlet, ?“…federal taxes are very considerably lower by every measure since Obama became president.” All totaled, Congress has enacted over $800 billion in tax cuts, including the Making Work Pay, First-time Homebuyer, and new residential energy tax credits, with another $285 billion in cuts also making their way through Congress, such as permanent estate tax relief and the R&D tax credit to spur business innovation. “The tax cuts we enacted this past year are putting money back in the pockets of hard-working Connecticut families and individuals,” said Himes. “I encourage everyone who is eligible to take advantage of this year’s new tax cuts.”
The Recovery Act provided 25 new tax cuts, including the Making Work Pay Tax Credit, the fastest tax cut in American history, worth up to $400 for individuals and $800 for married couples. The Recovery Act also gave beneficiaries of the Social Security, Veterans, and Railroad retirement programs a $250 one-time Economic Recovery Payment
An expansion of the Child Tax Credit cuts taxes for the families of more than 16 million children. This provides a new tax cut for families of more than 6 million children and increases the existing credit for more than 10 million families.
First-time homebuyers can get a credit of up to $8,000 for homes purchased by April 30, 2010 under the First-Time Homebuyer tax credit. In Connecticut, 14,300 new households have already taken advantage of the First Time Homebuyers tax credit. As a result of the Recovery Act, homeowners are also eligible for up to $1,500 in tax credits for making energy-efficient improvements to their homes, such as adding insulation and installing energy efficient windows.
The American Opportunity College Tax Credit now helps more than 4 million additional students attend college with a new, $2,500 tax credit for families. Nearly one-fifth of high school seniors currently receive no tax credit but will now receive help to make college affordable.
Taxpayers can examine what tax cuts they may qualify for with the While House’s online tax calculator available here.
