Austan Goolsbee & the Tax Cut Calculator

Austan Goolsbee & the Tax Cut Calculator


Austan Goolsbee:
Hi. I’m Austan Goolsbee,
Chairman of the Council of Economic Advisors. And I know it’s tax time and
a lot of people are filling out their taxes. If you are, you’re probably
greatly relieved that we extended the tax
cuts last December. But some people don’t know that
the President also put in place $160 billion of additional tax
cuts and extensions that are also benefiting you and some of
them have gone right into your paycheck already this year. On WhiteHouse.gov we’ve created
a tax cut calculator tool so anybody could go on there and
see exactly what kinds of benefits are going right into
their paycheck are going to help you and your
families personally. So I wanted to just walk
you through that a little. I’m married filing jointly
so I’ll fill it out. The average income of a
household in Chicago where I’m from is around 75,000. So let’s say you made
35,000; let’s say your spouse made 40,000. First of all, it would tell you
you got $1,500 of payroll tax cut that’s gone right into
your, right into your paycheck. You don’t even have to file
your taxes to get that. Do you have other income? Let’s say I don’t
have any other income. You got — I have three kids but
the child tax credit gives you up to $1,000 per child. If you have a kid in college,
mine are a little younger, but if you do, you get up to
$2,500 per student per year through the American Opportunity
Tax Credit and if you click through, the tax savings checklist will lay all of this out for you and
it adds up to a lot. So I know nobody likes
filling out their taxes, but if you go to the “tax cut
calculator” on WhiteHouse.gov, it may make you feel
a little bit better!

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