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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.

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-- 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.

-- 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
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