White House highlights tax credit affects on Granite State

From the White House:

500,000 New Hampshire working families to benefit from making work pay tax credit

300 million new dollars in the hands of New Hampshire workers

April 1, 2009

The United States faces the most severe economic and financial crisis in generations. Tragically, much of the damage has fallen principally on Main Street. To help middle-class families get back on their feet and restore some fairness to the tax code, President Obama in February signed one of his signature issues into law – the Making Work Pay tax credit. As a result, families across the country are seeing more money in their paychecks. This is one of the fastest and broadest tax cuts in American history.

Today, the Obama Administration is releasing a state-by-state analysis to show the impact the Making Work Pay tax credit is having across the country.

In New Hampshire that means 500,000 working families will collectively get $300 million in hand to help them weather the current economic storm. This reflects the Administration’s strong and sustained commitment to the middle class.

Nationally, the credit provides over 110 million working families—about 95%—the tax relief they need right now and will give nearly 60 billion dollars to America’s working families. The Republican alternative budget, announced today, would roll back these tax credits in 2010, thereby increasing taxes for the same 95 percent of working families.