Taxes under Obama: What it means to you.

Taxpayers at most income levels have seen their federal income taxes drop under President Barack Obama. A comparison of tax bills for 2010, which must be filed this spring, with bills from 2008, the last full year of George W. Bush's presidency:

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Taxpayers: A married couple with two young children and a combined income of $25,000.

2008 tax bill: No bill. Instead, a $6,700 payment from the government.

2010 tax bill: No bill. Instead, a $7,085 payment from the government.

Change: Refund grew by $385.

Why: The Earned Income Tax Credit was made more generous. The credit is refundable, meaning taxpayers can receive it in the form of a refund check even if they didn't pay any federal taxes.

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Taxpayers: A married couple with two children, including one in college. Combined income: $50,000.

2008 tax bill: No bill. Instead, a $1,234 payment from the government.

2010 tax bill: No bill. Instead, a $734 payment from the government.

Change: Refund shrank by $500.

Why: In 2008, the family received a $1,500 economic stimulus payment, which was larger than the $800 Making Work Pay credit they received for 2010. Other deductions were more generous in 2010, keeping the refund from shrinking further.

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Taxpayer: A single person making $50,000 who paid $2,500 in interest on a student loan.

2008 tax bill: $5,388.

2010 tax bill: $5,325.

Change: Tax bill reduced by $63.

Why: The standard deduction and personal exemption increased. They increase most years, based on inflation.

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Taxpayers: A married couple with two children, including one in college, with some modest investments and a combined income of $200,000.

2008 tax bill: $29,276.

2010 tax bill: $28,496.

Change: Tax bill reduced by $780.

Why: The family had $37,000 in itemized deductions for state and local income taxes, mortgage interest and charitable donations. Itemized deductions were limited for high-income families in 2008. The limits were phased out over the past decade and eliminated for 2010.

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Taxpayers: A married couple with two children in college, larger investments and a combined income of $1 million.

2008 tax bill: $284,439.

2010 tax bill: $277,699.

Change: Tax bill reduced by $6,740.

Why: The family had $110,000 in itemized deductions for state and local income taxes, mortgage interest and charitable donations. Itemized deductions, as well as personal exemptions, were limited for wealthy families in 2008. The limits have been phased out. Also, the family was able to defer more income to retirement accounts in 2010.

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Source: The Tax Institute at H&R Block