Tax Cuts: What Do They Mean For You? [INFOGRAPHIC]

President Obama recently signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Acts into effect. Given that these new pieces of legislation will impact a significant portion of Americans, Intuit’s Online Payroll division decided to take a closer look at what exactly will happen for businesses and workers alike when it goes into effect. There are some very interesting takeaways here, particularly the part on expensing investments in 2011. Let us know how you see these new cuts impacting your bottom line in the comments below!

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About Laura Messerschmitt

Laura Messerschmitt is a Senior Marketing Manager at Intuit. Her favorite part of the job is visiting small businesses to learn about what’s helping them succeed. Laura has traveled to over 75 countries. She loves spending time with her family, reading, and racing dragon boats.
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6 comments
Abid
Abid

Most of the exemptions and reliefs which existed have been abolished such as the previous First Time Buyer (FTB) exemption and the Second Time Buyer (STB) New Home Size relief. Stamp Duty

Scott
Scott

I think as long as people don't loose site on the fact that we small earners are the ones that spend more per capita then the rich people that are getting all the really great tax breaks. I think yea $695 dollars more in my paycheck then I think wait I am paying $4.50 plus per gallon on gas for 2 cars. so that pretty much wipes out that credit. Well anyways just thought I would through that out there. Thanks for the great post. You guys made it really easy to understand.

Mark
Mark

I think it means prepare to move north of the border before the sovereign debt crisis hits the US. These tax cuts were completely irresponsible under Bush and Obama extending them is pure stupidity. Here's a crazy idea, tie the tax relief to balancing the budget first. That should make folks think real hard next time they want to invade every nation sitting in top of an oil field. If you are under 30, get ready for 50%+ tax rates when all the boomer babies start retiring and expecting someone to pay for their Medicare. All they have left you is a bunch of IOUs and nothing saved.

JB
JB

$860 billion of debt means nothing if the US economy gets worse, don't think only about on our soil........Internationally the impact would be devastating. Pretty much you'd see another world war if we don't keep spending to keep people working. The debt really means nothing and last time I checked this wasn't just the Democrats fault...........It was both Republicans and Democrats so lets not try to act like its only one parties fault. Thanks!

BB
BB

BB, I'm sure you were saying the same thing when Bush gave the tax cuts to the rich. And you were probably complaining heavily with the 3 trillion spent on the war. Being the frugal type that I'm sure you are.

BB
BB

So the $860 billion of debt incurred from all this doesn't mean anything to us?

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