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Vice-President Joe Biden: Recovery Act Tax Benefits

Posted by: Audiegrl

With the 2010 tax filing season underway, Vice President Joe Biden, Treasury Secretary Tim Geithner and IRS Commissioner Doug Shulman today announced that that average tax refunds are up nearly 10 percent this year, due in large part to the significant new tax benefits available under the American Recovery and Reinvestment Act (Recovery Act), and reminded taxpayers that they can collect on those benefits this year as they file their 2009 tax returns. To help taxpayers see for themselves exactly how they can benefit from Recovery Act tax credits and collect every dollar owed when they file this tax season, the White House today launched a new interactive Tax Savings Tool available at www.WhiteHouse.gov/Recovery.

Here is a quick run-down of some key tax benefits available thanks to the Recovery Act:

  • Making Work Pay: 95 percent of working families are receiving the Work Pay tax credit of $400 for an individual or $800 for married couples filing jointly in their paychecks in 2009.
  • College Expenses: Families and students are eligible for up to $2500 in tax savings under the American Opportunity Credit.
  • Purchase of First Home: Homebuyers can get a credit of up to $8000 for first homes purchased by April 30, 2010 under the First Time homebuyer tax credit.
  • Energy Efficiency and Renewable Energy Incentives: Taxpayers are eligible for up to $1500 in tax credits for making some energy-efficiency improvements to their homes.
  • New Vehicle Purchases: Taxpayers can deduct state and local sales taxes or fees for vehicle purchases under the vehicle sales tax deduction.
  • Expanded Family Credits: Moderate income families with children may be eligible for an increase under the Earned Income Tax Credit and the additional Child Tax Credit.
  • Unemployment Benefits Tax Free in 2009: the Recovery Act made the first $2400 of unemployment benefits received in 2009 tax free.

The Recovery Act’s tax benefits of nearly $300 billion are not only providing some relief for middle class families, but also helping to jumpstart the economy and create more clean-energy, manufacturing, and construction jobs.

To learn more, visit Recovery.gov.

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Filed under Economy, Money, Obama Administration, Stimulus, Timothy F. Geithner (Sec of Treasury), Uncategorized, Vice-President Joe Biden

President Obama Signs the HIRE Act Jobs Bill

Posted by: Audiegrl

Surrounded by members of Congress, President Barack Obama signs the Hire Act during a ceremony in the Rose Garden at the White House on March 18, 2010 in Washington, DC. The HIRE Act will offer a payroll tax break for businesses that hire unemployed workers and will offer businesses an income tax credit of $1,000 for retaining these employees. (Photo by Mark Wilson/Getty Images North America)

USAToday~Acknowledging that government alone can’t solve the nation’s job crisis, President Obama just signed a new $18 billion jobs bill designed to spur hiring by giving tax breaks to small businesses. The bill also includes $20 billion for highway and transit programs.

While this jobs bill is absolutely necessary, it is by no means enough,” Obama said during a sunny Rose Garden bill signing ceremony. “There is a lot more we need to do to spur hiring in the private sector and bring about a full economic recovery; from helping creditworthy small businesses get the loans they need to expand, to offering incentives to make homes and businesses more energy-efficient, to investing in infrastructure so we can put Americans to work doing the work America needs done.”

Obama also urged lawmakers to consider a new estimate from the Congressional Budget Office that the health-care legislation will reduce the federal deficit by $130 billion in the first decade and $1.2 trillion in the next. He said it represented the “most significant effort to reduce the deficit” since the Balanced Budget Act.

I urge every member of Congress to consider this as they prepare for their very important vote this weekend,” Obama said.

More @ USA Today

Full Remarks by President Obama

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President Obama’s Saturday YouTube Address 01/16/10

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WhiteHouse.govGetting Our Money Back from Wall Street~~As the President continues to work on immediate job creation, he discusses his proposal for a new fee on the largest financial institutions to ensure that every cent of taxpayer assistance gets paid back. Saying that, “we’re not going to let Wall Street take the money and run,” he then to discusses the ongoing push to make sure banks can never put our economy at risk again.
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Weekly Address: Health Reform’s Benefits in 2010

The President discusses the benefits of health reform that Americans will receive in the first year, and how reform will help build a new foundation for American families.

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Filed under Health, Health Care Reform, Medicine, Uncategorized, Vice-President Joe Biden

President Obama’s Saturday YouTube Address 01/02/10

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WhiteHouse.govThe Fight Against Al Qaeda~~The President discusses the recent attempted act of terrorism on the Christmas day flight to Detroit, and his broader strategy to fight Al Qaeda.

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President Obama’s Saturday Address + Ben Nelson “Yes Man”

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WhiteHouse.govThe Patient’s Bill of Rights and Health Reform

December 19, 2009

The President looks back to the bipartisan Patient’s Bill of Rights, a bill that was defeated in Congress at the hands of special interests and their supporters, and notes that health insurance reform covers the same ground and much more in terms of giving the consumers the upper hand over their insurance companies. He calls on the Senate to allow an up-or-down vote, and for those opposing reform to stop using parliamentary maneuvers to drag it out.
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December 19, 2009.

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Related Story: AP sources: Sen. Nelson to support health bill

WASHINGTON (AP) — Democratic officials say Sen. Ben Nelson intends to support health care legislation backed by President Barack Obama, giving the measure a 60th and decisive vote.

These officials say the Nebraska Democrat will make an announcement later Saturday. Marathon negotiations with the White House and Senate Democratic leaders produced fresh concessions that will mean additional abortion restrictions in the legislation.

source:

Budget office: Democrats’ bill covers 94 percent of population

WASHINGTON (AP) — Congressional budget scorekeepers say the latest Democratic health care bill would cover 94 percent of eligible Americans while reducing the federal deficit.

The Congressional Budget Office said Saturday the changes announced by Senate Majority Leader Harry Reid would cut the deficit by an additional $2 billion, bringing the 10-year total reduction to $132 billion.

The nearly $900 billion bill would be paid for by $483 billion in cuts to Medicare and other federal health programs, as well as tax increases.

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Federal Stimulus Program is Not Working… Except That It Is

Posted by LibbyShaw

VP Joseph Biden greets construction workers after delivering a speech in Kalamazoo, Michigan

The Republicans and their water carrying blustering blowhards in the conventional wisdom alternative universe bubble have been frantically working 24/7 to fabricate the perception that the federal stimulus program is not working.

Those Americans who reside outside the Republican and conventional “wisdom” bubble, i.e. Joe, Jose, Jane, Yolanda, Chen, Hui, Omar and Laqueesha (to name a handful) have a far different view of the federal stimulus program.

It seems that Republicans and the Party’s blowhards ignored the recently released Congressional Budget Office report. Or perhaps the Republicans and its tools did not like what they read. Yikes, this stimulus can’t work or we are dead. Change the message! If the government works we lose! No matter what, kill off any good news about the stimulus program! Who cares what happens to the average Jane and Joe Americans? WTF are they?! This is all about us and our ability to stockpile as much money for ourselves as we can! Heaven help us! Change the bleeping bleepity bleep message! Jeeze oh Pete – gin up a freaking war if need be!

The nonpartisan Congressional Budget Office said the $787 billion stimulus package approved in February lowered the nation’s unemployment rate by between 0.3 and 0.9 percentage points while boosting the economy by between 1.2 percent and 3.2 percent. The analysis also found that three-quarters of the money provided in the stimulus had yet to be funneled into the economy by the end of September.

The report is a boost for the administration, which faced renewed questions last month over how many jobs the stimulus has produced after the Government Accountability Office said it found “significant” problems with the White House’s tally. The administration has estimated the stimulus created or saved 640,329 jobs through October.

The report released yesterday “leaves no doubt that the economy would be in much worse shape if the recovery act had not been implemented,” said House Education and Labor Committee Chairman George Miller, a California Democrat. “As the Obama administration and Congress continue to explore additional strategies to create jobs and build a foundation for long-term economic growth, it is critical to acknowledge the progress that has already been made.”

But Republicans, especially Texas Republicans and their propagandists at FOX seem to have a problem with facts that the party and its spin meisters do not manufacture.

Sigh. Oh, how we tragically know all about the GOP and its fiscal irresponsibility with its tax cuts for the 1 or 2% of the wealthy, the deregulation of the financial and energy sectors, while waging war on two fronts. Tell us about a war of choice vs. one of necessity. Tell us why we took our eye off of Afghanistan to go looking for Al-Qaeda and WMD’s that did not exist in Iraq? Thanks, too, Louie and Sean, for leaving both wars on the back of a new Administration. And please do accept our deep and heartfelt thanks for your leaving both wars on the backs of the American people, our children, grandchildren and generations of our great grandchildren to come.

Reality check on the federal stimulus program.

Where Texas is concerned we have been awarded $10,680,470,000 in stimulus funding. So far we have received $1,826,240,000.

Jobs created so far: 19,572.

Check out the facts of the American Recovery and Reinvestment Act.

The so-called conventional wisdom sounds like a bunch of conventional self-serving lying and hysterical stupidity to me.

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