Federal Income Taxes – Bush vs Obama

The excerpt below is from an article by Stephen Ohlemacher appearing Monday, February 7, 2011 on the Yahoo website. The article is titled, “Tax News from Yahoo Finance. For the entire article just google the author or the title.

“At the request of The Associated Press, The Tax Institute at H&R Block compared 2008 and 2010 tax bills for families at various income levels, showing how their taxes have changed since Obama took office. Taxpayers are filing their 2010 tax returns this spring, while 2008 was the last full year that Bush was president. The scenarios assume that each family had the same income, filing status and number of dependent children in both years.”

“Income tax rates remain unchanged. But many taxpayers are seeing their bills drop under Obama because of more generous tax credits for college students, working families, homebuyers and the working poor. Many of the changes were enacted as part of the big economic stimulus package passed in 2009.” (Bolding added)

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