Tax breaks from Obama

Globe Staff

-- Making Work Pay was a tax credit that savedindividuals up to $400 a year, $800 for couples, inthe 2009 and 2010 tax years. The credit wasphased out for higher-income Americans, startingat $150,000 for joint filers.

-- Earned Income Credit was expanded from 40 percent to 45percent of qualified earnings for families with three or more children,raising maximum 2009 credit from $5,028 to $5,657. More married couples became eligible when the income level for phasing out thecredit was raised by $2,000. Expansion applied to 2009 and 2010.


-- Child Credit Refundability was expanded so that more lowincomefamilies who owed no taxes would get refunds.

-- American Opportunity Credit replaced the Hope education creditfor the 2009 and 2010 tax years and raised the maximum credit from$1,800 to $2,500 and made it 40 percent refundable for those whoowe no tax. It also doubled the covered period from the first two tothe first four years of higher education.

Get Political Happy Hour in your inbox:
Your afternoon shot of politics, sent straight from the desk of Joshua Miller.
Thank you for signing up! Sign up for more newsletters here

-- First-time Homebuyer Credit created a credit equal to 10 percentof home purchase price, up to a maximum $8,000 credit, forfirst-time buyers who purchased between Jan. 1, 2009, and spring of 2010. The credit was refundable for filers who owed no taxes andphased out for wealthier Americans, starting with joint filers withmodified adjusted gross income of at least $150,000.

-- Suspend Taxation of Unemployment Benefits

Source: Tax Policy Center
Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
You're reading  1 of 5 free articles.
Get UNLIMITED access for only 99¢ per week Subscribe Now >
You're reading1 of 5 free articles.Keep scrolling to see more articles recomended for you Subscribe now
We hope you've enjoyed your 5 free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com