Chicago Tribune Q&A: How would your taxes change?

[BuyingThyme]

How would your taxes change?

By Frank James
Washington Bureau


President Barack Obama's $3.55 trillion budget proposal includes tax cuts for some and a wide range of increases for others. Though more details are expected in April, here's a first look at how it may affect you.

Q: Who would get a tax cut under the plan?

A: The budget would make permanent the Making Work Pay tax credit for low or moderate income earners. Single tax payers are eligible for a $400 credit while married couples filing jointly are eligible for double that amount. The credits phase out for individuals who make $75,000 or more; or, $150,000 for couples.

The tax credit, meant to offset some or all of a worker's payroll taxes, was signed into law for two years as part of the president's economic stimulus package. The new budget would make it permanent.

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http://www.chicagotribune.com/news/nationworld/chi-tax_qafeb27,0,3506971.story?page=1

[ncteechur]

1. I thought that was a well-written article explaining the tax cuts.