Tax Bailouts For Consumers

Much of the news suggests that only huge institutions are getting any relief from our current economic woes. Indeed, it's true that there's no bailout for American consumers and small business. Still, there's at least some tax relief for consumers, buried among the byzantine complexity of several huge federal bills. Congress' hit parade started in December 2007 with the Mortgage Forgiveness Debt Relief Act of 2007, then the Economic Stimulus Act of 2008, and in July, Congress passed the Housing and Economic Recovery Act of 2008. There are some tax provisions in each of these optimistically named federal laws you should know. In this podcast, we'll review the high points of relief from discharge of debt income, the new "repayable" tax credit for first time home buyers, and more.

Scott Drake talks with tax law expert Rob Wood