Reply #19: It's a permanent tax cut, plus a tax credit [View All]

[sandnsea]

It would be retro-active to 2007, so people would get a check to cover that year, and then a reduction when we file this year, or maybe there would have to be a check for that too so it might be $1,000 - $2,000 in checks and actual tax cuts in the paychecks as well. He could be talking about payroll taxes, but I don't see that in this statement.

"A tax cut for 95 percent of workers and their families -- plus seniors: Barack Obama and Joe Biden propose a permanent tax cut of $500 for workers and $1,000 for families. A first round of these tax credits could be mailed out quickly by the IRS based on tax returns already filed for tax year 2007. In addition, Obama and Biden would extend these expedited tax credits to senior citizens who are retired as a down payment on his plan to eliminate taxes for all seniors making up to $50,000."

http://change.gov/agenda/economy_agenda/