Skip to main content

Vice President Biden Wants To Put Money In Your Pockets!

Launches New Tax Saving Tools

Vice President Joe Biden here with Treasury Secretary Tim Geithner (left) and IRS Commissioner Doug Shulman yesterday in the EEOB (Eisenhower Executive Office Building).  [Photo:  CD Brown for Politics. On Point.] 

Not to be left out of doing something good for the nation (this guy did have a major accomplishment this week), Vice President Joe Biden introduced the new Whitehouse.gov Tax Saving tool to help taxpayers take advantage of Recovery Act Tax Credits.

Under the plan taxpayers can claim up to $2,500 in college expenses, up to $8,000 for first time home buyers, $1,500 in energy efficiency and renewable energy incentives, and can also deduct state and local taxes on new car purchases.  The Earned Income Credit (EIC) with families with three or more children increases to $5,657.

There will also be up to $800 ($400 for singles) tax savings credit under the Making Work Pay system.

"The big guys know all the credits and deductions to claim during tax season, but we want middle class families to know just how much is out there for them this year thanks to the Recovery Act and how to take advantage of it", said the Vice President.

The average tax refund has reached $3,036 this year.  That figure is up $266 since 2009, a figure IRS Commissioner Doug Shulman related to the media during the briefing.

"The Recovery Act is a major factor behind these larger, record refunds.  About half of all Americans haven't filed their taxes yet, so we urge them to look carefully at these Recovery provisions."

Shulman encourages taxpayers to file their taxes electronically and have the refunds directly deposited into their bank accounts.

Administration officials are planning to take the message cross-country, leading up to the April 15th tax filing deadline.  Tomorrow (Wednesday) Secretary Duncan will meet with students at the NOVA Annandale campus to address the American Opportunity Credit for college expenses. 

Other stops include transportation secretary Ray LaHood hosting a community roundtable on Recovery Act tax relief on March 29th in Chicago.

For more info visit www.whitehouse.gov/recovery.
Labels:

Comments

Post a Comment

Popular posts from this blog

The Story Behind Presidents' Day

Did you know Presidents' Day isn’t just about a day off?  Originally established to honor George Washington’s birthday, it has since grown to celebrate all U.S. presidents who’ve shaped the country’s path. It’s a day to reflect on leadership, service, and the values that drive national progress. Presidents' Day dates back to 1879, when it was first recognized as a federal holiday for Washington. Later, Abraham Lincoln’s February birthday brought attention. By 1971, the Uniform Monday Holiday Act combined the days, creating the long weekend many know today—but its purpose goes far deeper. From decisions that forged independence to policies steering modern challenges, U.S. presidents have helped shape history. It's a moment to appreciate lessons in courage, responsibility, and the impact of strong leadership on society today. How do you celebrate Presidents' Day?  Is it by learning about the leaders who influenced American history? Do you read their biographies, visit ...
Post a Comment
Read more

Gary Locke Nominated as Ambassador to China

Gary Locke, former White House Secretary of Commerce, has been nominated by the President as U.S. ambassador to China. Locke replaces former Utah governor  Jon Huntsman, who has stepped down to (wait for it) possibly challenge President Obama in the 2012 presidential race. Locke was the first Chinese-American governor and should the Senate approve his nomination, would the be first Chinese-American ambassador to China.  He is a partner in the Seattle office of the law firm Davis Wright Tremaine which lists China as one of its specialties. "Gary has distinguished himself as one of our nation’s most respected and admired public servants.  As our country’s first Chinese-American governor, he worked tirelessly to attract jobs and businesses to Washington State, and he doubled exports to China", said President Obama during this morning's announcement. "He’s been a point person for my National Export Initiative, and last year, Gary’s depa...
Post a Comment
Read more