Debate: Will Obama recover from the absolute mess he has created as president of the US?
Side: Great President

over taxationHere are 25 tax cuts from the 2009 stimulus bill (about 37% of the entire bill and the largest 2-year tax cut in history):1. "Making Work Pay" Tax Credit (Sec. 1001, Page 195). In tax years 2009 and 2010, the Making Work Pay provision will provide a refundable tax credit of 6.2 percent of earned income up to $400 for individuals and up to $800 for married taxpayers filing joint returns.2. Increase in the Earned Income Tax Credit (Sec. 1002, Page 198). Go to the stimulus bill for all the details, but it essentially expands this benefit for the working poor.3. Increased Eligibility for the Refundable Portion of Child Credit (Sec. 1003, Page 199). In 2009 and 2010, families who don’t earn enough to pay income tax would be eligible to claim the $1,000 child credit.4. "American Opportunity" Education Tax Credit (Sec. 1004, Page 199). Increases the Hope Scholarship Credit to $2,500.5. Refundable First-time Home Buyer Credit. (Sec. 1006, Page 202). This extended and increased the first-time home buyer tax credit from $7,500 to $8,000.6. Temporary Suspension of Taxation of Unemployment Benefits (Sec. 1007, Page 203). This exempts from taxable gross income the first $2,400 of unemployment benefits.7. Tax Credits for Energy-Efficient Improvements to Existing Homes (Sec. 1121, Page 208). This provides up to a $1,500 tax credit for qualified energy efficiency improvements.8. Sales Tax Deduction for Vehicle Purchases (Sec. 1008, Page 203). This allows people to write off state and local sales taxes related to the purchase of a new vehicle costing up to $49,500.9. Premium Credits for COBRA Continuation Coverage for Unemployed Workers (Sec. 6432, Page 348)10. Economic Recovery Credits to Recipients of Social Security, SSI, Railroad Retirement and Veterans Disability Compensation Benefits (Sec. 2201, Page 336). This was a $250 payment for senior citizens, disabled veterans and disabled people living on Social Security benefits.11. Computers as Qualified Education Expenses in 529 Education Plans (Sec. 1005, Page 202). This allows college students to write off the expense of computers and software, provided it's for educational purpose and not for games.12. Plug-in Electric Drive Vehicle Credit (Sec. 1141, Page 212). Allows purchasers of plug-in electric vehicles to write off up to $5,000 of their purchase (depending on the power of the battery).13. Tax Parity for Transit Benefits (sec. 1151, Page 219). This relates to an increased exclusion amount for commuter transit benefits and transit passes.14. Health Coverage Tax Credit Expansion (Sec. 1899, Page 309).15. Extension of Enhanced Small Business Expensing (Sec. 1202, Page 221). This is a temporary increase in limitations on expensing some depreciable business assets.16. 5-Year Carryback of Net Operating Losses for Small Businesses (Sec. 1211, Page 221).17. Extension of Bonus Depreciation (Sec. 1201, Page 220). This extends by a year election to accelerate the AMT and Research Credits in lieu of bonus depreciation.18. Exclusion of 75% of Small Business Capital Gains from Taxes (Sec. 1241, Page 228).19. Temporary Small Business Estimated Tax Payment Relief (Sec. 1212, Page 222).20. Temporary Reduction of S Corporation Built-In Gains Holding Period from 10 Years to 7 Years (Sec. 1251, Page 228).21. Advanced Energy Investment Credit (Sec. 1302, Page 231). This relates to properties designed to reduce greenhouse gas emissions, such as those that produce energy from the sun, wind, geothermal deposits, fuel cells, microturbines, or an energy storage system for use with electric or hybrid-electric vehicles.22. Tax Credits for Alternative Refueling Property (Sec. 1123, Page 211). This is a temporary increase for alternative fuel vehicle refueling businesses.23. Work Opportunity Tax Credits for Hiring Unemployed Veterans and Disconnected Youth (Sec. 1221, Page 223). This is a tax credit to provide incentive to businesses to hire unemployed veterans and "disconnected youth." That latter term is defined, in part, as young adults "not readily employable by reason of lacking a sufficient number of basic skills."24. Delayed Recognition of Certain Cancellation of Debt Income (Sec. 1231, Page 224).25. Election to Accelerate Recognition of Historic AMT/R&DCredits (Sec. 1201, Page 220).Note: I think there are 6 that overlap with the Small Business Tax credits post.