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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction -- Ignore unavailable to you. Want to Upgrade?

To: Sully- who wrote (71618)	5/1/2009 6:11:53 PM
From: Sully-	Read Replies (1) \| Respond to of 90947

Get ready to pay back some of that Obama tax credit Betsy's Page The Associated Press reminds taxpayers that the credit that they just received of about $33 a month will be subject to withholding taxes that they might have to cough up next April 15. <<< 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. >>> Hmmm, I wonder why the Obama administration isn't concerned about getting this message out to taxpayers. It would rather interfere with his whole victory lap he's been running touting this as one of his main achievements in his first 100 days. betsyspage.blogspot.com