A family earning $60,000 might save more than $1,000 from the extension of Bush tax cuts, according to analysis by the nonpartisan Tax Policy Center. Those savings could be doubled for a household earning $90,000. The tax-cut package would include an "AMT patch" to avoid snagging middle-class households in the alternative minimum tax.
The tax bargain also includes a two-year extension of a college tuition tax credit that Obama launched in the 2009 Recovery Act. Keeping the American Opportunity Tax Credit, worth up to $2,500 for students or their families (and partially refundable), would benefit some 8 million Americans.
A family earning $60,000 might save more than $1,000 from the extension of Bush tax cuts, and the savings could be doubled at an income level of $90,000. The tax-cut package would include an "AMT patch" to avoid snagging middle-class households in the alternative minimum tax.
