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Uncle sam & Four Major Pieces Of Tax Legislation
Uncle sam was busy in 2008 creating four major pieces of tax legislation. The first to appear was the economic stimulas act of 2008 released in early February. Its primary purpose was a rebate program to stimulate the economy known as "advance credit payments", these rebate checks were as much as $1200 per couple and $600 for individuals. In addition, the new law included help for troubled mortgage holders as well as some business incentives.
On May 22, the food, conservation and energy act of 2008, also known as the farm act and the heroes earnings assistance and relief tax act, also known as the military tax relief bill were passed. The farm act provides significant benefits to farmers, ranchers and timber producer, while raising revenue from large corporations. The military tax relief includes help for military personnel who are receiving combat pay, saving for retirement and purchasing homes. It also tightens rules for government contractors in july, reacting to rising unemployment and a slumping real estate market, former president bush signed the housing and economic recovery act of 2008. This piece of legislation provided incentives for home owners and affordable housing.
In October, the emergency economic stabilization act of 2008 was passed. While the focus was to rescue the financial markets this legislation addressed a number of tax issues, such as the alternative minimum tax patch, extended a number of sun setting tax provisions, and a new energy incentive provision. There is certain to be more legislation when president-elect obama takes office in January. The democrates have been working on an economic stimulus package that should be ready to go in January of 2009.
