Taxes
Progress The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides vital tax relief and investments in our workers that will create jobs and accelerate economic growth. The law: Extends middle class tax cuts to prevent a typical working family from facing a tax increase of over $2,000 on January 1 Provides a 2% payroll tax cut to 159 million workers – providing the typical working family with an additional $1,000 tax cut Allows businesses to expense 100% of key investments this year – estimated to spur $50 billion in new investment Continues the American Opportunity Tax Credit, which provides up to $10,000 for four years of college and is helping over 9 million students and their families afford higher education Extends expansions of the Child Tax Credit and the Earned Income Tax Credit that the President fought for, providing a tax cut for 15.7 million families with about 29.1 million children The American Recovery and Reinvestment ...