The White House Blog: Taxes
West Wing Week: "Final Adjustments"
Posted by on April 29, 2011 at 12:00 AM EDTWelcome to the West Wing Week, your guide to everything that's happening at 1600 Pennsylvania Avenue. This week, while the White House celebrated Easter, holding the traditional egg roll on the South Lawn, President Obama kept his focus on the nation's finances, working on short term and long term ways to get away from high gas prices. He also pledged support for Alabama and other states in the South hit by devastating storms and announced new key members of his National Security team.
Learn more about Civil Rights, Defense, Economy, Education, Energy & Environment, Family, Fiscal Responsibility, Foreign Policy, Immigration, Seniors & Social Security, Taxes, Additional IssuesPresident Obama and Vice President Biden’s Tax Returns and Tax Receipts
Posted by on April 18, 2011 at 2:10 PM EDTToday, the President released his 2010 federal income and gift tax returns. He and the First Lady filed their income tax return jointly and reported an adjusted gross income of $1,728,096. The vast majority of the family’s income is the proceeds from the sale of the President’s books. The Obamas paid $453,770 in total federal tax.
The President and First Lady also reported donating $245,075 – or about 14.2% of their adjusted gross income – to 36 different charities. The largest reported gift to charity was a $131,075 contribution to the Fisher House Foundation. The President is donating the after-tax proceeds from his children’s book to a Fisher House scholarship fund for children of fallen and disabled soldiers. The President and First Lady also released their Illinois income tax return and reported paying $51,568 in state income taxes.
Learn more about TaxesWeekly Address: America’s Fiscal Future
Posted by on April 16, 2011 at 5:30 AM EDTThe President discusses his plan for our fiscal future, a comprehensive and balanced approach to achieve $4 trillion in deficit reduction over twelve years.
Weekly Wrap Up: The Country We Believe In
Posted by on April 15, 2011 at 5:52 PM EDTYour quick look at the week that was on WhiteHouse.gov.
America's Fiscal Future: On Wednesday, President Obama spoke at the George Washington University about his plan to control spending while staying true to America's values of shared prosperity and shared responsibility. After his speech, economic advisor Brian Deese answered your questions in a live video chat. The President's focus on fiscal policy continued as he met with bipartisan leaders from the House and Senate, and with the co-chairs of his fiscal commission.
Learn more about Defense, Economy, Education, Energy & Environment, Fiscal Responsibility, Foreign Policy, Health Care, Seniors & Social Security, Service, Taxes, Technology, Additional IssuesYour Taxpayer Receipt
Posted by on April 15, 2011 at 12:00 AM EDTHave you ever wondered how much of your own tax dollars actually go to support foreign aid? To support education? Well, now you can find out – and you might be surprised.
In his State of the Union Address, President Obama promised that this year, for the first time ever, American taxpayers would be able to go online and see exactly how their federal tax dollars are spent.
So today, we’re announcing the first-ever federal taxpayer receipt.
Just enter a few pieces of information about your taxes, and the taxpayer receipt will give you a breakdown of how your tax dollars are spent on priorities like education, veteran’s benefits, or health care.
Learn more about TaxesRepealing the 1099 Reporting Requirement: A Big Win for Small Business
Posted by on April 14, 2011 at 5:19 PM EDTEd. note: This was originally posted on the Small Business Administration blog.
Today, President Obama signed a law that removes the expanded “1099” reporting requirement from the Affordable Care Act. This is a big win for small businesses.
The SBA and President Obama supported repealing this provision, which would have required businesses to send 1099 forms for all purchases of goods and services over $600 annually. With this bipartisan effort, we have removed a requirement that would have been an undue barrier to small business growth.
The many benefits of the health reform law for small businesses remain in place. These tools are already helping small business owners find more affordable and accessible coverage for themselves and their employees.
In particular, with tax day coming on Monday, don’t forget that many small business that provide health insurance are eligible for tax credits, thanks to the new law. You can learn more at this page on the IRS website.
Karen Mills is the Administrator of the Small Business Administration.
Weekly Wrap Up: America's Energy Future
Posted by on April 8, 2011 at 7:02 PM EDTYour quick look at the week that was on WhiteHouse.gov.
America's Secure Energy Future: President Obama continued his focus on building a clean energy economy with events throughout the week. He toured a shipping facility in Maryland with Energy Secretary Chu and Transportation Secretary LaHood to highlight his Green Fleet Initiative, then traveled to Philadelphia for a town hall at Gamesa Technology, a wind turbine manufacturer. Back at the White House, Secretary of the Interior Ken Salazar sat down with students to discuss development of clean, American-made energy sources. The Department of Energy blogged about Philadelphia's efforts to install energy efficient lighting.
Learn more about Defense, Economy, Education, Energy & Environment, Family, Fiscal Responsibility, Foreign Policy, Homeland Security, Rural, Seniors & Social Security, Service, Taxes, Technology, Urban Policy, Veterans, Women, Additional IssuesWest Wing Week: "Windmills? Call Them Wind Turbines!"
Posted by on April 8, 2011 at 12:00 AM EDTWelcome to the West Wing Week, your guide to everything that's happening at 1600 Pennsyvlania Avenue. This week, President Obama focused on securing our nation's clean energy future, making stops at facilities in Maryland and Pennsylvania. He also met with Congressional leadership, hoping to avoid a government shutdown in the face of budget disagreements. The President also kept his eye on foreign policy, discussing developments in the Middle East with Israeli President Shimon Peres, and hemispheric concerns with Colombian President Juan Manuel Santos.
Learn more about Defense, Economy, Energy & Environment, Fiscal Responsibility, Foreign Policy, Health Care, Seniors & Social Security, Taxes, Technology, Additional IssuesHave You Tried the Tax Cut Calculator Yet?
Posted by on April 6, 2011 at 10:48 AM EDTWith the April 18 tax filing deadline fast approaching, many Americans are thinking about their taxes this time of year.
Last December, President Obama signed a bipartisan tax cut compromise into law. To help you understand how those tax cuts are already affecting your paycheck and your household bottom line, we’ve put together a new tax cut calculator.
Check out this video of Council of Economic Advisers Chairman Austan Goolsbee explaining how our new tax cut calculator works, then head over the to the calculator and answer a few simple questions to find out how these tax cuts will affect your paycheck today and your taxes in 2011.
Learn more about TaxesTry the New White House Tax Cut Calculator
Posted by on April 5, 2011 at 11:06 AM EDTGiven that it's tax season (don't forget, Tax Day is on 4/18 this year), you might be thinking about the bipartisan tax cut compromise from December 2010 and wondering how it affects your household's bottom line. That's why we've put together a Tax Cut Calculator and Tax Cut Checklist to help taxpayers better understand how you benefit from some of the more than 40 tax cuts signed into law by President Obama.
The brand new Tax Cut Calculator provides an easy to use tool that shows individuals and families how these tax cuts – some of which are hitting paychecks right now– will affect their taxes for 2011. The Calculator shows the benefits of the Payroll Tax Cut, which is putting more money in the pockets of millions of workers across the country already. It also illustrates how families can benefit from three Recovery Act tax cuts that the President fought to extend – the American Opportunity Tax Credit (AOTC) and the expanded Earned Income Tax Credit (EITC) and Child Tax Credit.
Enough explanation, though! Take a moment to try the tax cut calculator for yourself.
We've put together a more comprehensive memo that covers important provisions of the bipartisan tax cut compromise the President signed into law last December and includes a checklist of benefits to keep in mind for those who still have yet to file their taxes this year:
White House Blogs
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