Why does this matter? Because republicans would like you to think you are in the top 2%. They keep talking about your tax increase. In particular, they keep talking about how important the Bush Tax Cuts are and that we should not let them expire.
The fact of the matter is than the only part of the Bush Tax Cut that will not expire is for individuals making more than $200,000 a year and couples making $250,000. If you fall within the 98% of US households, you will not see a tax increase. The republicans are trying to protect only 2% of the population.
If you are part of the remaining 98%, the Democrats have already given you a tax cut. Here are some of your Democratic benefits:
Up to $8,000 for first-time homebuyers. The credit will be available through the end of April.
Up to $2,500 for college expenses.
Up to $1,500 for making energy-efficiency improvements to homes.
For new vehicles purchased between Feb. 17-Dec. 31, 2009, the state and local taxes can be deducted.
An expanded child tax credit providing $1,000 for each child under 17.
The earned income tax credit now provides up to $5,657 to low-income families with at least three children.
Many workers have already received, through adjusted withholding in their paychecks, the "Making Work Pay" credit of as much as $800 for couples and $400 for individuals. For those who haven't yet received the full amount due, they will get the additional money when they file.So, if the republicans are trying to help you, congratulations. You earn over $250,000 per year. Otherwise, they are scamming you.