2/13/2009

If the House-Senate compromise on President Barack Obama's stimulus plan gets final approval today, as most observers believe it will, most Americans will get a tax cut, particularly individuals making $75,000 a year or less and joint-filing couples who don't make more than $150,000. Employed couples will get tax credits of 6.2% of earned income, up to $800. Other new taxpayer benefits include a tax credit of up to $8,000 for first-time home buyers. "Now, people who buy homes between Jan. 1 and Dec. 1 could get an $8,000 credit," said Abe Schneier, a senior technical manager for the AICPA. "And people have to live in the home for at least three years."

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