Obama Promotes Tax Breaks

Contrary to what the Bama bashers would have you believe, there are tax breaks available to Americans via the stimulus bill, and the president used his Saturday radio address to urge Americans to take advantage of them.

“No one I’ve met is looking for a handout. And that’s not what these tax cuts are,” Obama said. “Instead, they’re targeted relief to help middle-class families weather the storm, to jump-start our economy and to bring the fundamentals of the American dream – making an honest living, earning an education, owning a home and raising a family – back within reach for millions of Americans.”

The president said hundreds and, in some cases, thousands of dollars can be saved.

• Up to $8,000 for first-time homebuyers. The credit will be available through the end of April.

• Up to $2,500 for college expenses.

• Up to $1,500 for making energy-efficiency improvements to homes.

• For new vehicles purchased between Feb. 17-Dec. 31, 2009, the state and local taxes can be deducted.

• An expanded child tax credit providing $1,000 for each child under 17.

• The earned income tax credit now provides up to $5,657 to low-income families with at least three children.

Republicans used their weekly address to accuse the president of raising taxes, although Obama’s plan is to extend the Bush tax cuts, with the exception of singles making more than $200,000 and couples earning more than $250,000 per year.

By: Alan

Alan Colmes is the publisher of Liberaland.