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families would qualify for a larger benefit under the expanded child tax credit is about 262,000, according to the nonpartisan Center on Budget and Policy Priorities research group.Earned Reebok Pink Trainers income tax credit: Another benefit targeting low income working families is an expansion of this tax credit, which was created in Reebok Easytone Shoes
1975 to help families who work but don't earn enough to move above the poverty level.Previously, its benefits increased with each child up to two, but the stimulus law now allows increases for three or more children. According to the Tax Policy Center, an independent tax policy research group, the maximum credit for families with three or more children would increase from $5,028 to $5,657.Alternative minimum tax: The stimulus plan also includes a patch that will shield 152,000 middle income families in Alabama from having to pay the higher AMT rate in the 2009 tax year, according to an estimate from Senate Democrats.The AMT originally was meant for the wealthy but it hasn't been adjusted for inflation. The AMT exemption amount has been increased to $70,950 for joint filers and $46,700 for individuals, according to the Senate Finance Committee.American Opportunity credit: There also is a tax benefit for lower and middle income families paying for higher education in the 2009 and 2010 tax years. The American Opportunity credit is for 100 percent of the first $2,000 of expenses such as tuition, and 25 percent of the next $2,000.It also makes 40 percent of the credit refundable, up to $1,000, which means families that don't pay income taxes could still qualify.The education credit starts to phase our for individuals with incomes of $80,000 and couples making $160,000. Senate Democrats estimate that 70,000 families in Alabama would be eligible for the $2,500 credit.First time homebuyer credit: A credit of $7,500, or 10 percent of the purchase price, would be extended to include purchases made from April 9, 2008, to Dec. 1, 2009. The credit jumps to $8,000 for homes purchased this calendar year, and a requirement that the credit be repaid is waived.This credit begins to phase out for people who earn more than $75,000, or $150,000 for couples, according to the Tax Foundation.
The credit worth up to $400 for individuals is the broadest and simplest of the tax breaks for middle class families in the overall package, which also includes tax benefits for lower income groups, those paying for higher education, first time homebuyers and people collecting unemployment compensation.The Making Work Pay credit is for workers who are not listed as dependents on someone else's tax return and make less than $100,000 a year; $200,000 for couples. Over a year, the credit could be worth $400 to individuals and $800 to couples, but the amounts are reduced as the credit phases out for people who make more than $75,000 a year and couples who make more than $150,000.Some estimates put the number of Alabamians qualifying for the break at more than 1.5 million. The tax credit will be distributed as a smaller amount of income tax withheld in each paycheck."About a third of this package comes in the forms of tax cuts by the way, the most progressive in our history not only spurring job creation but putting money in the pockets of 95 percent of hardworking families in America," President Barack Obama said when he signed the $787 billion package intended to boost the economy with new government and personal spending.In addition to the Making Work Pay tax credit, here are some of the tax cuts and credits for citizens in the stimulus plan.Child tax credit: In a break targeting lower income families that don't make enough money to pay income taxes, more of them will qualify for the child tax credit of up to $1,000. The stimulus bill lowers Saucony Red Noise
the income level for the credit from $12,550 this year to $3,000 for 2009 and 2010, according to the Tax Foundation, a nonpartisan tax research group in Washington.The number of children in Alabama whose Reebok Originals
Stimulus plan will touch broad range of Alabama taxpayers
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