nv1 Working Families Tax Relief Act - What Changed?

The Working Families Tax Relief Act of 2004 is one of the various economic stimulus packages that have been put in place. The original Working Families Tax Relief Act of 2004 extended the 10 percent tax bracket, eliminated the marriage tax penalty and provided some relief for middle class families. It also addressed issued concerning the alternative minimum tax (AMT).

Economic Stimulus Programs

The Emergency Economic Stabilization Act of 2008 and the American Recovery and Reinvestment Act of 2009 provide additional relief for working families. The relief provided through these economic stimulus programs enhanced the relief provided in the 2004 act. The financial disaster of 2008 led to enhancement of protections for working families in order to make sure that they could survive the tough economic times.

Enhancements to Working Families Tax Relief Act

A working family tax relief helps working families keep more money in their pocket. It also encourages economic stimulus by encouraging spending and consumer participation by lowering taxes and eliminating economic penalties. Other changes include a redefinition of head of household filing status and the dependency exemption.

The changes made to the tax code as a result of the Working Families Tax Relief Act of 2004 were in line with the same tax cuts that were made as a result of the Jobs and Growth Tax Relief Reconciliation Act of 2003.

 

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