How are they going to RUN a HEALTH CARE TAX PROGRAM with a RECORD LIKE THIS? Please!
"Tax credit may become debt for some" by Stephen Ohlemacher, Associated Press | November 17, 2009
WASHINGTON - More than 15 million taxpayers may owe the government $250 or more because of how the IRS last spring set up a tax break designed to help consumers spend the US economy out of recession.
Individuals with more than one job and married couples in which both spouses work may have to repay the government $400, either through a smaller tax refund or a larger tax bill, according to a report released yesterday by the Treasury Department’s inspector general for tax administration.
Ever hear the expression damned if you do, damned if you don't?
Social Security recipients who also earn taxable wages may have to repay $250.
Related: What the Senate Snuck Into the Stimulus While You Were Sleeping
You can thank him later, seniors.
The tax credit, which is supposed to pay individuals up to $400 and couples up to $800, was President Obama’s signature tax break in the $787 billion stimulus package enacted in February, designed to increase weekly paychecks for 95 percent of working families. Yeah, he's a liberal.
The TAX CUT was a TAX HIKE!
Most workers started receiving the credit through small increases in their paychecks in April.
Yup, a WHOLE $5 a week -- that the GOVERNMENT NEVER SHOULD HAVE HAD in the firt place! We need to LOWER and ELIMINATE TAXES and SCALE BACK this MONSTROUS TYRANNY that is being constructed before our eyes. But since that is not happening, the best outcome is for this corrupt carcass to collapse on its own.
The tax credit was made available through new tax withholding tables issued by the Internal Revenue Service, but the withholding tables do not take into account several common categories of taxpayers. For example, a worker with two jobs gets a $400 boost in pay at each job, for a total of $800. That worker, however, is eligible only for a maximum credit of $400, so the remaining $400 will have to be paid back at tax time. A married couple is eligible for an $800 credit. However, if both spouses work and make more than $13,000, the new withholding tables give them each a $600 boost, for a total of $1,200. Also, a single student with a part-time job gets a $400 boost in pay. However, if students are claimed as dependents on their parents’ tax returns, they don’t qualify for the credit.
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And WHY the HACK for my paper, huh?
"Millions will have to repay part of tax credit" by Stephen Ohlemacher, Associated Press Writer | November 16, 2009
WASHINGTON -- Sen. Chuck Grassley of Iowa, the senior Republican on the Senate Finance Committee, called problems with the tax credit "another unfortunate example of what can happen when Congress and the White House rush through legislation like the stimulus without thinking through the consequences."
The tax credit is also available for 2010. J. Russell George, the Treasury inspector general for tax administration, said the problems will continue if workers don't adjust their withholding for next year....
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Oh, yeah, meanwhile:
President Obama reacted with concern about a new report today that suggests hunger in America is at record levels -- and a vow to do something about it...."
I'd give him a pfft but I'm to weak from hunger.
Related: Obama Talks With His Mouth Full
Yeah, he isn't going hungry -- and neither are the banksters and war-looters!
