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“Making Work Pay” tax credit. The bill would cut taxes for more than 95% of working
families in the United States. For 2009 and 2010, the bill would provide a refundable tax credit
of up to $500 for working individuals and $1,000 for working families. This tax credit would be
calculated at a rate of 6.2% of earned income, and would phase out for taxpayers with adjusted
gross income in excess of $75,000 ($150,000 for married couples filing jointly). Taxpayers can
receive this benefit through a reduction in the amount of income tax that is withheld from their
paychecks, or through claiming the credit on their tax returns. This proposal is estimated to cost
$145.309 billion over 10 years.
145 billion over 10 years - WTF is 500 bucks going to do?
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