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Decreased tax revenue and high spending resulted in an unusually large budget deficit of about $1.4 trillion, well above the $407 billion projected in the FY 2009 budget. [10] A 2009 CBO report indicated that $245 billion, about half of the excess spending, was a result of the 2008 TARP bailouts.
The Making Work Pay tax credit was a personal credit provided in tax years 2009 and 2010 to U.S. federal income taxpayers. [1] It was authorized in the American Recovery and Reinvestment Act of 2009. The credit was given at a rate of 6.2 percent of earned income up to a maximum of $400 for individuals or $800 for married taxpayers.
Based on the summary of federal tax income data in 2009, with a tax rate of 35%, the highest earning 1% of people paid 36.7% of the United States' income tax revenue. [ 103 ]
Over the past eight years, changes to the Tax Code have been made at a rate of more than one a day. According to the office of the National 13 tax changes you need to know before filing your 2009 ...
Conference – The income floor for refunds was set at $3,000 for 2009 & 2010. [32] Expanded earned income tax credit House – $4.7 billion to increase the earned income tax credit – which provides money to low income workers – for families with at least three children. Senate – Same. Expanded college credit
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.