Skip to comments.INSIDE WASHINGTON: Taxpayers To Get Rude Surprise
Posted on 04/30/2009 6:41:43 PM PDT by edpc
WASHINGTON (AP) -- 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.
(Excerpt) Read more at finance.yahoo.com ...
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 “messiah” wouldn’t lie to the “little people,” would he? There are going to be a lot of white boys fainting next April 15th and they won’t have to go to an Obama concert to do it.
It wouldn't be a bad idea to contact your personnel department and have them put your withholding back to what it was.
Were unicorns and gum drops observed at the scene of the crime?
So whats to be done?
We actually warned clients about this very thing. Had to let them know that this is not a real tax break and that they may want to take a hard look at their circumstances. Glad we did.
I suspected as much so I increased my bi-weekly withholding by $50 bi-weekly!
It hurts, but I need to make money work for ME!
BTW...I’m not the only one!
IMHO when people figure out at the end of next January that their tax return is going to be much smaller than it normally is there is going to be great screaming. Lots of people spend their returns before they get them and next year they will not be able to pay off what they have already bought.
BTW it will also be a great time to start reminding them that the dems are responsible for their taxes.
Be in D.C. to Push Back Until!
maybe this is a bad thing to say, but I am going to anyway.
GOOD I AM GLAD!
Maybe the sheeple will wake up just in time after April 15 and remember long enough through September to vote these people out of the congress and senate who voted for this mess. ALL OF THEM.
All we have to do is get some real conservatives to run a decent campaign and it could be a landslide against the thieves in congress who are raping the country.
To be honest, we attempt to owe taxes on April 15. Not a lot, but certainly not due for a refund. That refund is a fantasy, a free loan to the federal government, paid back to you with no interest. We’d rather keep our money and pay them what we owe when it’s due.
So, I paid $1700 this year over and above what the gubmit already took, and now they are going to take less out of my check for the taxes that will likely go up? No way, no freakin’ way. President Obamalamadingdong promised me a tax break, now I find I will owe them more? I...can’t...believe...it.
In my case, filled out a W-4 asking that $200 more a month be taken out of my check, I don’t like to write a check to the IRS (but usually do) every year. Some say it is the gubmint keeping your money, but nonetheless, I prefer not to write the check.
People here on FR have been saying this since the beginning. Obama’s “tax cuts” are NOT tax cuts. At my liberal workplace, I ask friends if Obama has cut their tax rates...they admit that he has not....then I remind them that they’ll be paying more next spring.
One guy went and had more money withheld when he realized he’d been duped. Of course, he still loves Obama.
People who design their withholding to get a refund are brainwashed. The best withholding calculation is the one that leaves you owing the most you can owe on tax day without having to pay a penalty. Anything less is lost interest. A refund, God forbid, is an interest-free loan to the gubment.
Many of us have been saying this since Obama lied about a ‘tax cut’ for 95%!
A married couple with a combined income of $50,000 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.
In my case, filled out a W-4 asking that $200 more a month be taken out of my check, I dont like to write a check to the IRS (but usually do) every year. Some say it is the gubmint keeping your money, but nonetheless, I prefer not to write the check.
I prefer to starve the SOB’s and NOT let them use my money. I keep it, let it make money, then pay them April 15th and not a day sooner. I also refuse to pay estimated anymore. The fine is small, worth it to me to not let them use my money for a year.
wow. didn’t see that coming.../s/
The tax cuts included in the stimulus legislation are all about Chump Change. The typical worker’s saving is something like $50 to $60 per month, which is the price of a bottle of wine for your Congressmoron at some restaurant in Georgetown tonight.