Sunday, April 11, 2010
Obama showcases advantages of stimulus tax benefits
In this article, it speaks about how Obama's new stimulus package that he put into effect last year and how it is benefitting those who experienced the tax cuts. This stimulus package cost $787 Million dollars in hope to help the US economy recover from the current recession. The tax cuts have benefitted families and businesses which was funded with $160 million dollars. Those who have already filed their taxes this season will see an increase in tax re-fund (up to 10%) which is the highest it has ever been. In addition, people who have purchased a home and have filed their taxes, can see up to $8,000 in tax credit. This stimulus package is good for those who have low income, and for younger adults, but will effect those in the higher tax brackets.
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Personally I think this is a great thing. My sister is one of the people that got a housing tax credit this year and it has helped out tremendously. Yes, the people in higher tax brackets will be affected, but those are also the same people that most likely are not as effected by the current state of the economy, so really, I doubt they'll notice any significant loss in comparison. If we want the economy to grow people need to make sacrifices, it can't come at the expense of the lower classes because that obviously doesn't work (just look at how sub prime lending worked out with the housing bubble).
ReplyDeleteAccording to this article, it is said that the tax reform will impact on people who have a higher income, while this reform will be beneficial to low income people. And according to another article I have read recently, it is important to regard and carry out this tax reform as a long run project, which will benefit all of the people in the future.
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