To help preview your savings from his plan, Obama has placed a tax calculator on his website homepage where you can see the potential savings you may receive. So, I went ahead and placed my information into the preset categories. With an annual income of $20,000, single filing status, retirement savings and college expenses, I am expected $500 in tax savings plus I may be eligible for $4000 tax credit to pay for college expenses and 50% tax credit for up to $1000 for retirement savings. This all sounds great, however, I am skeptical on this eligible clause.
If you are unsure of how you'll benefit from the Obama tax cut, I encourage you to go to www.barackobama.com and click on the link.
1 comment:
This is a very interesting post. I had no idea Obama's website had such a feature. It seems like a good strategy to me because it allows people to see how they would be personally affected either positively or negatively by his tax plan. Unfortunately, many college students probably would not qualify for the tax credit because many do not claim themselves even though they are still stuck with the tuition bill while their parents reap the tax benefits. I also thought it was interesting that when I calculated and compared my tax cuts to my parents' that they would only receive $500 more despite having two dependents and only qualifying for the income category right below the very middle option.
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