Rep. Johnson pleased workers to receive boost in paychecks
The tax cuts -- $400 to individuals making less than $75,000 and $800 to married couples making less than $150,000 per year -- will begin to show up in workers paychecks this week. Couples making $200,000 and individuals making $100,000 will not receive the boost.
The aim of the stimulus tax credits is to allow workers to keep more of their hard-earned money or make ends meet.
“In such difficult economic times, it’s important that we do everything we can to help American families,” said Johnson. “Many families in my district now have just one income, so this benefit can help pay for groceries, rent or power bills.”
The paycheck benefit, known as “Making Work Pay,” is part of a larger package of tax benefits designed for working families.
On March 30, the Internal Revenue Service unveiled a tax credit for new car purchases.
Car buyers can write off state and local sales taxes on vehicles in 2009 up to $49,500 of the purchase price. The auto credit is not available for couples making more than $250,000 a year and for individuals who earn more than $125,000 annually.
For a complete look at what the stimulus means to citizens in tax relief, please click on the PDF below.
Tax Relief for Individuals and Families