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1 Mark Robyn, Update: The Tax Savings from Fiscal Stimulus 1 (2009)

handle is hein.taxfoundation/ffbgcxz0001 and id is 1 raw text is: OUNDATION February 2009 No. 162 FISCAL FACT Update: The Tax Savings from Fiscal Stimulus By Mark Robyn Note: This Fiscal Fact was updated on Feb. 13, 2009 to reflect the text of the Stimulus Bill as agreed upon in conference. While unlikely, the provisions of the bill could still be changed before the final vote. A conference agreement has been reached regarding the contents of the stimulus bill and the text of the bill has been released. Today Congress will vote on this final version of the stimulus. Table 1 shows the tax savings for a family with two kids, one in college and one under age 17, under some of the major tax provisions included in the fiscal stimulus bill. It shows that these families are going to see significant tax savings from the stimulus bill. Table 2 provides a brief description of the tax provisions included in the stimulus bill. As shown below, some taxpayers are set to receive a considerable tax cut from the stimulus. Most of the tax benefit comes from the new Making Work Pay Credit and the American Opportunity Tax Credit, which replaces and expands the existing Hope credit for certain higher education expenses. The stimulus also includes a higher AMT exemption (the so-called AMT patch).

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