WASHINGTON – In his weekly address, President Obama looked forward to how the tax cut package he signed into law in December will benefit millions of Americans in the new year. For one year, any business, large or small, can write off the full cost of most of their capital investments. The payroll tax cut will mean $1,000 more this year for a typical family – 155 million workers will see larger paychecks because of that tax cut. Twelve million families will benefit from a $1,000 child tax credit and an expanded Earned Income Tax Credit. And eight million students and families will continue to benefit from a $2,500 tuition tax credit. Independent experts have concluded that the tax cut package should significantly accelerate the pace of the recovery.
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