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.

Advise the Advisor: What I’m Hearing About Small Business

Good afternoon,

What's it like to have President Obama drop in on your web chat? Well, on Tuesday, I found out.

During the Winning the Future Forum on Small Business in Cleveland, Ohio, we held an online discussion to go over the answers to discussion questions I posed on WhiteHouse.gov as part of our new "Advise the Advisor" program. The President joined us towards the end to respond to a few ideas.

I've posted some of your ideas, my responses and the video of yesterday's event which you can view at http://www.whitehouse.gov/photos-and-video/video/2011/02/23/president-obama-drops-online-forum-small-business?utm_source=email99&utm_medium=image&utm_campaign=advise.

Did you know that small businesses are the backbone of our economy, creating two out of every three new jobs in America?

President Obama is committed to helping small businesses succeed by making America the best place in the world to do business. He has signed into law 17 new tax cuts for small businesses. He launched the National Wireless Initiative to help bring high-speed wireless Internet access to 98 percent of Americans. And he launched Startup America, an initiative to celebrate, inspire and accelerate high-growth entrepreneurship throughout the nation.

It's also important to take the time to listen to folks on the ground about the challenges they face every day. That's why we went to Cleveland this week to talk directly with small business owners, and it's why your "Advise the Advisor" feedback is so important.

If we out-innovate, out-educate and out-build our global competitors, the future is ours to win. That's a challenge that we will tackle together, and I look forward to the work ahead.

Sincerely,

Austan Goolsbee

Chairman of the Council of Economic Advisers

Advise the Advisor: Austan Goolsbee and Small Business

Advise the Advisor is a new program to help senior staff at the White House stay connected to the American people.

This week, Austan Goolsbee, Chairman of the Council of Economic Advisers, is asking for feedback from small business owners and entrepreneurs about some of the challenges they face. Next week, Austan will travel with President Obama to Cleveland, Ohio for the Winning the Future Forum on Small Business. At the Forum, the President will talk directly with small business owners and leaders about their ideas for how America can continue to grow the economy.  See the video or provide feedback at http://www.whitehouse.gov/advise?utm_source=021711&utm_medium=intro&utm_campaign=daily.

You can add your voice to the conversation by answering one or all of the following questions:

•Entrepreneurship: Entrepreneurship is important in driving innovation and growth. When you first had a new idea for a business how did you convert that idea into a growing business?

•Access to Capital: The President has focused on increasing access to capital and tax breaks for small businesses. What role does access to capital play in your small business, and how can the government help small businesses ensure they can access the financing they need to grow?

•Workforce Development: As different industries in our economy grow, the workforce must adjust. How can government and business work together to better prepare the next generation workforce for the jobs of the future?

•Exports: Promoting U.S. exports is an effective way to grow businesses and create jobs. What obstacles does your business face in exporting goods and services to foreign markets?

•Clean Energy: In the President’s State of the Union he emphasized that an investment in clean energy technology will strengthen our security, protect our planet, and create new jobs. How can your business benefit from opportunities in this growing industry?

Be sure to tune in next Tuesday for a live online discussion from the Forum on Small Business with the President and Austan Goolsbee.

Past Questions

Last week, David Plouffe, Senior Advisor to the President asked for your feedback on how American innovation affects your community and the obstacles to innovation you see where you live.