Quote:
Originally Posted by firstdown
Not for everyone. Even though Obama has said over and over again he will not raise taxes on anyone making under $250,000 he has.
Limitations - The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies depending on your filing status. For married taxpayers filing a joint return, the phase-out begins at $110,000. For married taxpayers filing a separate return, it begins at $55,000. For all other taxpayers, the phase-out begins at $75,000. In addition, the Child Tax Credit is generally limited by the amount of the income tax you owe as well as any alternative minimum tax you owe.
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I believe he said he wouldn't raise income taxes on anyone making under $250,000.