Barack Obama is one step closer to achieving his promise of a $500 tax cut for workers.

The U.S. House of Representatives Ways and Means Committee released its plans for a major stimulus bill, and the tax cut is part of that.
 
"For 2009 and 2010, the bill would provide a refundable tax credit of up to $500 for working individuals and $1,000 for working families," said a summary released by the committee on Jan. 16, 2009. "This tax credit would be calculated at a rate of 6.2 percent of earned income, and would phase out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 for married couples filing jointly). Taxpayers can receive this benefit through a reduction in the amount of income tax that is withheld from their paychecks, or through claiming the credit on their tax returns."
 
We're keeping the status of this promise as In the Works.