The Daily Kos has a great article about this and the misconceptions the Republicans are using to cover up the facts.
The Recovery Act, which passed a year ago, granted 98 percent of Americans with a tax cut. One third of the Recovery Act was made up of tax credits.
The credits included:
- An increase in the Earned Income Tax Credit
- An expansion of the Child Tax Credit
- For those who work, the Making Work Pay tax credit offered $400 per individual and $800 per couple
- For those who lost their job, there was a 65 percent tax credit to help cover the cost of health care. The first $2,400 in unemployment benefits went tax-free
- Up to $2,500 under the American Opportunity Credit for students and parents paying for college tuition
- $8,000 for first-time home buyers
- A deduction of state and local taxes paid on a new car
- Up to $1,500 for home improvements to increase energy efficiency