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Obama's new tax plan? Who will benefit and who will it hit? Obama's tax fairness speech:
Single Workers Income: $50,000 Status: single, no children
Old taxes: $6,400
New taxes: $6,000
Difference: $400 less in taxes
The big change for single people earning up to $75,000 would be receiving $400 from the tax cut in the economic stimulus plan. The average single person and average family both fall in this range. For couples earning up to $150,000, the tax cut is $800.
Family Workers Income: $35,000 Status: married, two children under age 17
Old taxes: $0 taxes paid; $2,900 received from government
New taxes: $0 taxes paid; $4,100 received from government
Difference: $1,200 more from the government
The $400 Making Work Pay tax credit would apply even to households that paid no income tax or already received payments from the government. An adjustment to the earned income tax credit for married couples would mean that a family of four earning $35,000 could receive $4,100 in income support.
Obama's plans will also have an overall jump in taxes. Now its up to you American. Do you think Obama's tax plans will work? How will this affect you?
