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New tax benefits for American families

POSTED April 8, 2011 9:25 p.m.

April means that Tax Day is just around the corner. For those folks who are working – or scrambling – to meet the deadline, you should know that you have until April 18 this year. But even if you have already filed, you might be wondering how last the bipartisan tax cut compromise reached last December affects you and your family.

One of the biggest changes is the Payroll Tax Cut, which is hitting paychecks right now, putting more money in the pockets of millions of workers. And the Child Tax Credit and American Opportunity Tax Credit – which President Obama fought to extend from the Recovery Act – are helping families across the country. And these are just a few of the more than 40 tax cuts that President Obama has signed into law.

But the tax package isn’t just improving the bottom line for families, it is also working to spur job creation at small businesses.

The tax relief bill says that this year, all businesses can write-off 100 percent of their new investments. Farmers can replace a tractor that needs repair. A corner store or local manufacturer can buy the tools they need to expand, innovate and hire new employees.

This is particularly important in rural communities, where nearly two-thirds of the population are self-employed or work for small businesses.

So the tax cut compromise is helping small businesses put Americans to work. And it means – in these difficult economic times – that families are keeping more of their pay.

Over the past two years, America has worked to rebound from the worst recession in decades. And the initiatives put in place by President Obama – such as the payroll tax cut and business incentives for investment – are creating the conditions we need for sustained growth and job creation.

We have now seen 13 consecutive months of private-sector employment growth and a falling unemployment rate. The last two months of private job gains have been the strongest in 5 years. But there is still more work to be done.

To learn more about how Obama administration tax policies are benefitting you and your family, you can visit an online tax calculator at www.WhiteHouse.gov/Tax-Cut-Calculator.

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