|Hoyer: Marylanders' Tax Burden Eased by Recovery Act Relief|
|April 14, 2010|
WASHINGTON, DC - Congressman Steny H. Hoyer (D-MD) released the following statement on tax day, noting that Maryland families will see lower taxes and larger tax refunds as a result of the American Recovery and Reinvestment Act signed into law last year. Altogether, the Recovery Act has provided $262 billion in tax relief to American families and businesses, resulting in an increase in the average tax refund of 10% over last year - up to $3,000.
"Thanks to tax-cutting measures like the Recovery Act, Marylanders are receiving significantly higher refunds as they file their taxes this year," stated Congressman Hoyer. "In fact, the average refund is up 10% - to about $3,000 - and according to the Citizens for Tax Justice, 98% of families have seen their taxes cut. Most of those gains are due to the Recovery Act and the focus by the President and this Congress on providing relief to help working families and small businesses."
Forty percent of the American Recovery and Reinvestment Act was made up of job-creating tax cuts for businesses and families, including the Making Work Pay tax credit that provided relief to 2.1 million Maryland families. In a little more than a year since the Recovery Act was signed into law, and after other measures put into place, Marylanders are seeing the real benefits of tax cuts and credits during this tax season.
"The Recovery Act's tax cuts included benefits for families raising children, buying new homes and cars, and receiving unemployment insurance," stated Hoyer. "Businesses have also benefitted from the Recovery Act, which helps them invest in new equipment, take bigger write-offs, and attract investment."
In addition to the Recovery Act, Congress has passed a number of other tax cuts aimed at creating jobs and boosting businesses, including a tax holiday for businesses that hire and retain unemployed workers, and increased tax incentives to spur investment in small businesses.
"Tax relief for families and businesses is an integral part of our economic recovery, and the reason why former Reagan economic advisor Bruce Bartlett has observed that ‘federal taxes are very considerably lower by every measure since Obama became president,'" concluded Hoyer.
Providing significant relief to help working families has been a central focus of the President's and Congress' agenda- and as Marylanders file their taxes, they will take advantage of those benefits. For additional information on how Congress has returned more money to American families this year, click here for a document outlining the tax cuts passed and enacted by President Obama and this Congress. Here's another look at the benefits that millions of Americans can claim as a result:
Health Reform: The health reform legislation recently signed into law includes the largest health care tax cut in history for middle class families, helping to make insurance much more affordable for millions of families. Here's a more extensive list of how the benefits available to middle class families for quality and affordable health insurance:
The Recovery Act: As the President noted in his last Weekly Address, you can get a good handle on how the Recovery Act might help you out on your taxes through our Tax Savings Tool. Here's a glance at the benefits to working families and small businesses: