Since we're living in an age of "internet government" I decided to take another virtual trip to the White House web page and found another interesting tidbit of information about reforms supported by the new President Obama administration.
According to the updated White House web site President Obama would like to:
- Eliminate Income Taxes for Seniors Making Less Than $50,000: Obama and Biden will eliminate all income taxation of seniors making less than $50,000 per year. This will provide an immediate tax cut averaging $1,400 to 7 million seniors and relieve millions from the burden of filing tax returns.
Pretty radical, huh? I thought so too. Taxes and other debts are definitely financially strangling senior citizens who are facing foreclosure and other financial difficulties. Eliminating income taxes for senior citizens would go a long way in relieving some of the financial pressure many face in their golden years.
Many seniors facing difficulties such as foreclosure use bankruptcy to discharge or repay their taxes currently; but if the reform is actually pushed through it would radically alter the financial landscape for many seniors citizen. But for now, if you're a senior citizen and are having difficulty repaying your tax debt or other debts contact a bankruptcy attorney to discover your bankruptcy options.
Chapter 7 bankruptcy and Chapter 13 bankruptcy offer viable options for handling taxes and other debts.