Tax Refunds Up Ten Percent Compared to Last Year
Washington DC Congressman Henry Cuellar (TX-28) today announced that this tax day April 15 2010 millions of American families businesses and hard-working Texans will see lower taxes and larger refunds thanks to the economic stimulus package passed by Congress in 2009 and the health care reform and jobs bills signed into law this year.
These are record-setting tax cuts for 95 percent of the nations hard-working families" said Congressman Cuellar. For the majority of Americans tax refunds are up an average of ten percent thanks to the unprecedented action weve taken to lower taxes. This puts hard-earned money back into the pockets of everyday people."
The American Recovery and Reinvestment Act also know as the stimulus" package has already provided over $160 billion in tax relief for families and businesses as a result of over 25 new tax cuts for individuals homebuyers small businesses and the self-employed.
The non-partisan organization Citizens for Tax Justice estimates these tax cuts saved individuals and families an average of $1158 on taxes this year. The Making Work Pay" tax cut passed by Congress reduced withholding on wages in 2009 for most individuals by $400 and $800 for married couples. The Recovery Act also provided the American Opportunity Credit" of up to $2500 for college tuition plus first-time home buyer credits worth $8000.
Health care reform included immediate tax cuts for the nations small businesses with fewer than 25 employees. If these businesses purchase health insurance for their workers and have average annual wages of $50000 or less they immediately qualify for tax credits of up to 35 percent of their employees premiums. Beginning in 2014 this increases to 50 percent of those premiums and its estimated that 60 percent of the nations small businesses will qualify for these tax cuts.
Health care reform was the single largest health care tax cut in American history" said Congressman Cuellar. Beginning in 2014 40 million families including thousands in my district will benefit from tax credits making health insurance affordable. This is unparalleled action for hard-working families."
The Hiring Incentives to Restore Employment (HIRE) Act also provides a payroll tax holiday to businesses that hire unemployed workers and an income tax credit of $1000 for businesses that retain those employees. Signed by the President this year HIRE also includes small business capital expenditure tax credits of up to $250000 letting small businesses benefit from tax cuts in these tough economic times.
When you add up the benefits there are more tax cuts for average Americans and small businesses" said Congressman Cuellar. This is good for our families and for those hard-working people at home."
For a list of tax cuts included in the Recovery Act health care reform the HIRE Act and other legislation please visit:
http://majorityleader.gov/docUploads/TaxBreaks2010.pdf
To see the Citizens for Tax Justice report please visit:
http://ctj.org/pdf/truthaboutobamataxcuts.pdf
