Congresswoman Kathy Castor released the following statement today:

“Tea Party protestors have scheduled demonstrations across the country this week, yet middle-class families are enjoying more substantial tax cuts than they have received in years, according to the Council of Economic Advisers report released Wednesday. To date, there has been more than $200 billion in tax relief and income support provided to households by the American Recovery and Reinvestment Act.

“The historic tax cuts under the Recovery Act are putting money back into the wallets of middle-class families at the time they need it most. In fact, the average refund this year is nearly $3,000 – 10 percent higher than last year.

“Throughout the past decade of Bush tax cuts, generally families with high incomes were the ones who got significant tax breaks. But this time around middle-class families are finally the ones getting some relief.”

CEA estimates that without the Recovery Act, household real disposable income would have fallen substantially in 2009. Without the tax cuts and income support provisions of the Recovery Act, consumer spending would not have rebounded as it did and, indeed, would likely have continued to fall. As of the first quarter of 2010, the tax relief and income support provisions of the Recovery Act have saved or created between 1.1 million and 1.4 million jobs, or roughly half of the total number of jobs saved or created by the Act.

A report this week by Citizens for Tax Justice found that 98 percent of working families and individuals in Florida benefited from at least one of the tax credits in the Recovery Act, saving an average of $917. The report demonstrates that as a result of middle-class families having more to spend, money is flowing back into our economy and creating millions of jobs nationwide.

The Recovery Act tax credits that are helping Floridians include:

Making Work Pay: Credit of up $400 for individuals or $800 for married couples filing jointly.

Child Tax Credit: Credit of up to $1,000 per child.
American Opportunity: Credit of up to $2,500 for college expenses.
First-time Homebuyer: Credit of up to $8,000 for first-time homebuyers.
Energy Efficiency: Credit of up to $1,500 for homeowners who made energy-efficient improvements.
New Vehicle Purchases: Credits for state and local sales taxes for new vehicle purchases.

Earned Income Tax Credit: Credit of up to $5,657 for families with three or more children.
Child Tax Credit: Credit of up to $1,000 per child.

In February, Castor held two workshops to offer assistance with tax credits and student financial aid. Participants met one-on-one with experts who helped them find out whether they qualify for various tax credits and rebates. As a Hillsborough County Commissioner, Castor helped launch the Prosperity Campaign, a regional collaboration of public, private and nonprofit organizations to assist working families and the Tampa Bay community draw down monies owed to them and tax credits.