Obama's New Tax Cut: Making Work Pay

Throughout Marietta, Georgia, time clocks are bedecked with bright new fliers. Workers are now finding out that, in April, less taxes may be pulled from their paychecks. This new change is Obama's Making Work Pay Tax Credit.

Making Work Pay was designed by Obama and his team as an extension of the Earned Income Tax Credit. As a part of Obama's Tax Fairness Plan, it is just one tool that will be used to help America's lower and middle classes recoup their buying power. Local workers who make under $50,000 per year often struggle with paying for rent or mortgage, food, medical care, and transportation to and from work.

Taxes taken out of paychecks can sometimes be part of the financial hardship. With the latest bail-outs being provided to banks and big businesses, workers struggling to make it each month seem to show a lot of resentment when it comes to previous legislative efforts to shore up Main Street America's economy. Also, as jobs are being eliminated and raises are being slashed, workers are being forced to work more for the same pay.

Add to that the high and rising costs of day care, and this all mixes up to create a recipe for frustration and trouble. Workers have recently been looking to Obama for support, and many local workers interviewed give Obama positive ratings for his latest round of efforts targeted at helping those who are struggling the most in the recession economy - the working poor and middle classes.

A recent opinion poll of low-wage workers in Marietta-area stores revealed that many workers are excited about Obama's latest nod to the working poor, saying things like, "It's about time we've been given a break. We need the money."

Many workers have declared that Obama's Tax Fairness Plan will help them afford living a little better. Several have suggested that the public give Obama some extra time to implement his plans to overhaul the tax system.

The IRS has recently released new tax tables to be used by payroll clerks in accounting for this year's tax accounting. The actual early release tax tables are located at: http://www.irs.gov/pub/irs-pdf/n1036.pdf

For more information on Obama's new plan to assist the working poor, you can go to Obama's website at the following location: http://www.barackobama.com/issues/family/.

The actual legislation can be viewed online - the American Recovery and Reinvestment Act of 2009 is available at the following URL: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h1enr.pdf

Sources:
Obama, Barack. "Strengthening Families and Communities" http://www.barackobama.com/issues/family/
the IRS. "Notice 1036" http://www.irs.gov/pub/irs-pdf/n1036.pdf
US Gov't Printing Office. "The American Recovery and Reinvestment Act of 2009"