Austan Goolsbee: Two Important Reminders

Good afternoon,

If you're like me, you've got taxes on the brain this time of year, so I wanted to remind you of two things.

First, don't forget the tax filing deadline this year is April 18, not April 15.

Second, when you are filing your taxes this year, you will benefit from $160 billion of tax relief for middle-class families that President Obama secured this past December -- in addition to extending unemployment insurance, the 2001 and 2003 middle-class tax cuts and other key provisions. If you are one of the nearly 160 million Americans benefitting from the payroll tax cut, which was in the same package of middle-class tax relief, you are already seeing the additional savings in your paycheck.

We have put together a new tax cut calculator on WhiteHouse.gov that will show you exactly what these tax cuts mean for you and your family. We've also included a link to Recovery Act tax cuts you may be eligible to claim on your 2010 taxes as you file this month. Just answer a few simple questions and our tax cut calculator will demonstrate how President Obama's tax cuts will benefit you, personally, in 2011.

Here are some highlights from the tax cuts and extensions that President Obama got you last year:

-Payroll Tax Cut. President Obama's tax cut included a 2% payroll tax cut -- which amounts to $1,000 for a typical family earning $50,000 a year.

-Child Tax Credit. President Obama cut taxes for 11.8 million families with children.

-Earned Income Tax Credit. President Obama expanded the Earned Income Tax Credit for married couples and families with three or more children. This will help 5.8 million working families and 12.5 million children in 2011.

-American Opportunity Tax Credit. President Obama extended a tax credit of up to $2,500 per student per year (up to four years) to help pay for tuition and other college expenses.

Tax season is never pleasant, but hopefully these cuts will lighten the load for you.

Sincerely,

Austan Goolsbee

Chairman of the Council of Economic Advisers

P.S. In other news, mark your calendars. On April 20, President Obama will be attending a special facebook townhall event at the facebook headquarters in Palo Alto, California to talk about the economy. Learn more about the event and RSVP at facebook.com/WhiteHouse.