The American Recovery and Reinvestment Act is 577 pages of tax breaks and economic stimulus. Accountants have been working non-stop to learn the new tax code.Enter the older American: In 1900, only 4 percent of Americans were 65 or older. By 1950, that percentage had doubled. In the year 2000, according to Bureau of the Census projections, almost 13 percent of all Americans will be 65 or older, and by the year 2030 one in five Americans will be 65.
So as the population ages, states may need to reconsier tax preferences for older American. With that in mind, the Federal government has made some changes to the code and is allowing for new tax breaks for retirees in 2009.