Obama Giveth, Obama Taketh Away
by Big Dog on May 6, 2009 at 05:50 Political
I know liberals are wetting their panties over the $13 a week tax refund that Obama has provided even though it is not enough to buy a pair of earrings (according to his Klingon wife). This wonderful Obama cut taxes and now people are getting a little back each week and they should be happy.
I warned some time ago that the people getting this money would end up paying it back. Military.com is reporting on exactly what I said:
Millions of Americans enjoying their small windfall from President Barack Obama’s “Making Work Pay” tax credit are in for an unpleasant surprise next spring.
The government is going to want some of that money back.
The tax credit is supposed to provide up to $400 to individuals and $800 to married couples as part of the massive economic recovery package enacted in February. Most workers started receiving the credit through small increases in their paychecks in the past month.
But new tax withholding tables issued by the IRS could cause millions of taxpayers to get hundreds of dollars more than they are entitled to under the credit, money that will have to be repaid at tax time.
At-risk taxpayers include a broad swath of the public: married couples in which both spouses work; workers with more than one job; retirees who have federal income taxes withheld from their pension payments and Social Security recipients with jobs that provide taxable income.
The Internal Revenue Service acknowledges problems with the withholding tables but has done little to warn average taxpayers.
About 40% of the population will not have to worry because they don’t pay taxes. In fact, they get back more than they had withheld. Most other people are going to get hurt by this.
The article indicates that this will just lower the amount of some returns. This is true and it is why most people will not even notice. A lot of people foolishly have a lot of money withheld and then get a big check at the end of the year. This allows government to use your money interest free. If you adjust so that you come close to even then you can put the money away in an interest bearing account.
Then again, those who get huge refunds probably think the government is giving rather than returning money.
Tax time will be fun next year but most people will not notice because they have their lips firmly attached to the government teat.
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Tags: increase, Military, Obama, tax cut, tax table
You have a HUGE segment of society that truly has no idea of where the money the government doles out actually comes from. And there’s a segment that doesn’t care, as long as they get the money, and are not the ones paying.
This is the audience the administration is playing to- the people who actually pay the taxes are given the back of Barama’s hand. Common sense would dictate the positions be reversed, but the administration has shown a remarkable lack of common sense from day one.
Our HR department warned us about this when it hit. Hubby adjusted his taxes out from his retirement check, I increased my 401k contribution to reduce my taxable income. We are a 3 paycheck household. Obama is a damn liar and thief.