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13M get unexpected tax bill from Obama tax credit
AP ^ | Dec 16, 2010 | STEPHEN OHLEMACHER

Posted on 12/16/2010 1:56:02 PM PST by epithermal

WASHINGTON – About 13.4 million taxpayers may be getting unexpected tax bills because they were awarded too much money under President Barack Obama's Making Work Pay tax credit, a government audit said Thursday.

The tax credit, which expires Jan. 1, was designed to increase take-home pay by about $8 a week through new tax withholding tables. The credit was capped at $400 for individuals and $800 for married couples filing jointly.

However, the credit put millions of taxpayers at risk for not having enough taxes withheld from their paychecks, resulting in a tax bill when they file their returns, said the audit by J. Russell George, the Treasury inspector general for tax administration.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; Government
KEYWORDS: funnymoney; irs; obamalies; obamanomics; obamascandals; shellgame; taxes
I need an accountant.
1 posted on 12/16/2010 1:56:06 PM PST by epithermal
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To: epithermal

I’m secretly glad of this....

people don’t like it when they get a tax bill...and this one points straight at the obamanation!


2 posted on 12/16/2010 1:59:05 PM PST by bareford101 (For me, there is no difference in a tolerant, open mind and a cess pool. Both are open to filth.)
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To: epithermal

Simple fix....don’t file a return./sarc


3 posted on 12/16/2010 2:00:18 PM PST by sniper63 (Did you plug the hole in the border yet daddy........)
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To: epithermal

Was this a tax credit, or just a reduction in withholdings?


4 posted on 12/16/2010 2:01:32 PM PST by Mr Ramsbotham (Laws against sodomy are honored in the breech.)
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To: epithermal

Well, it was known at the time that this would happen. But of course all the news media portrayed it as a wonderful present from Barack Hussein Obama to his adoring subjects. And a huge economic stimulus!

Only those who read around the web knew differently.


5 posted on 12/16/2010 2:01:55 PM PST by Cicero (Marcus Tullius.)
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To: Mr Ramsbotham

The latter.


6 posted on 12/16/2010 2:02:32 PM PST by Cicero (Marcus Tullius.)
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To: sniper63

Simple fix....don’t file a return./sarc

The illegals and the moochers who vote for Bammy don’t file anyway.


7 posted on 12/16/2010 2:02:40 PM PST by jessduntno (Want US national secrets safe? Store them with Obama's transcripts and birth certificate.)
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To: bareford101

The media will blame the Republicans. Obviously, this is Bush’s fault!


8 posted on 12/16/2010 2:02:53 PM PST by Lonesome in Massachussets (Socialists are to economics what circle squarers are to math; undaunted by reason or derision.)
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To: Mr Ramsbotham

IIRC, they just adjusted the tables to withhold less money, but they didn’t actually change the rates.

You’re still on the hook for that money and those taxpayers who carefully balance their deductions and tax with the goal of breaking even, they may find that they owe GOVzilla some cash.


9 posted on 12/16/2010 2:04:57 PM PST by Crolis ("To have a right to do a thing is not at all the same as to be right in doing it." -GKC)
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To: epithermal

How’s all that Hope & Change workin’ out, America?..................


10 posted on 12/16/2010 2:04:57 PM PST by Red Badger (Whenever these vermin call you an “idiot”, you can be sure that you are doing to something right.)
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To: epithermal

I SAID SO LAST YEAR!!!!!!!!!

THEY DID NOT CHANGE THE AMOUNT OF TAX YOU OWE, JUST THE AMOUNT THEY DEDUCTED OUT OF YOUR CHECK!!

KISS THAT REFUND GOODBYE


11 posted on 12/16/2010 2:05:18 PM PST by Mr. K ('Profiling' you is worse than grabbing your balls)
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To: epithermal

They thought they were getting some free money from Obongo’s stash. But now Obongo says give it to me back! So now they are being dunned for taxes same as any other deadbeat. Gotta love it and it’s sure to make many go sour on the Kenyan and not bother voting.


12 posted on 12/16/2010 2:06:05 PM PST by dennisw (- - - -He who does not economize will have to agonize - - - - - Confucius)
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To: Mr Ramsbotham

I think this was the adjustment in with holding that would have to be paid back if taxes are due. Just a temporary holding of their own money.

We said then it would have to be paid back by some and that it would be a surprise.

Well, SURPRISE!


13 posted on 12/16/2010 2:07:40 PM PST by Sequoyah101 (Half of the population is below average)
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To: epithermal
The tax credit, which expires Jan. 1, was designed to increase take-home pay by about $8 a week

Or one Hollywood movie or one...

Doesn't affect a family's bottom line the way a $400 bill due in a month does.

14 posted on 12/16/2010 2:07:53 PM PST by a fool in paradise (The establishment clause isn't just against my OWN government establishing state religion in America)
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To: sniper63
Simple fix....don’t file a return./sarc

Well said Wesley.

15 posted on 12/16/2010 2:08:37 PM PST by ReverendJames (Only a lawyer and a painter can change black to white)
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To: epithermal

The Leftist’s, the Liberal’s, the Democrat’s, whatever you want to call them have a thread that runs through everything they do, and that thread is they eff up everything they touch. I won’t go there with them and their messing up specific types of dreams, ‘cause I get enough heat about my terminologies as it is.

Wondering what it’s going to take to expose the obvious to American voters.

Never believe what a Dem, Socialist, Leftist, Marxist, Liberal says as they don’t know how to NOT lie.

Never elect a Dem, Socialist, Leftist, Marxist, Liberal to a position in our government as they think it means they are elevated to GODlike status, and cannot be convinced otherwise.

The list of reasons to never empower, or acknowledge a Lefty is endless. Dems, RINO’s are Left. They all have to be removed from our government. Even the hairdresser’s, and Janitors.


16 posted on 12/16/2010 2:10:18 PM PST by rockinqsranch (Dems, Libs, Socialists, call 'em what you will, they ALL have fairies livin' in their trees.)
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To: Mr Ramsbotham

It was a reduction in witholding without a reduction
in rate. The paychecks were larger by virtue of not
paying what is due. It is still due. That will suck up
a bit of the income tax refund spending spree.


17 posted on 12/16/2010 2:11:40 PM PST by Myrddin
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To: epithermal
Hey! I have a great idea!

Let's unilaterally lower people's paycheck withholding, then when they have under withheld at the end of the year, LET'S FINE THEM!

Anything that gets more money into the hands of Washington is a good thing.

18 posted on 12/16/2010 2:11:54 PM PST by E. Pluribus Unum (DEFCON I ALERT: The federal cancer has metastasized. All personnel report to their battle stations.)
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To: epithermal

Like I always say, if there is one law I could pass, it would be to ban withholding. Everyone would have to write an enormous check every April.

There would be no democrats left in office within a few years.


19 posted on 12/16/2010 2:13:17 PM PST by denydenydeny (Power always thinks it has a great soul and vast views, beyond the comprehension of the weak-Adams)
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To: denydenydeny

I would also move tax day to 1 November from 15 April.


20 posted on 12/16/2010 2:15:40 PM PST by jospehm20
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To: epithermal


About 13.4 million taxpayers may be getting unexpected tax bills because
they were awarded too much money under President Barack
Obama’s Making Work Pay tax credit,...

“We control the horizontal
We control the vertical
Do not attempt to adjust your set”
(the opening from the old sci-fi series “The Outer Limits”)

It looks like we are being governed by a bunch of space aliens.
I do suspect that Nancy Pelosi is a robot.
And that’s the kindest thing I can say about her.


21 posted on 12/16/2010 2:17:56 PM PST by VOA
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To: epithermal

Eight lousy dollars a week. When people want to hold onto their own money, the liberals accuse them of being greedy, but when a liberal “gives” you something, you can bet your left eye that it will a miserly pittance. You can also guarantee that they will crow about how “generous” they are by letting you keep your own money.


22 posted on 12/16/2010 2:20:50 PM PST by Blood of Tyrants (Islam is the religion of Satan and Mohammed was his minion.)
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To: epithermal

I told my coworkers this when it was first announced - it was not a credit, but an adjustment to withholding. We will pay it somehow, whether as normally or around April 15th.

Liberals lie.


23 posted on 12/16/2010 2:24:56 PM PST by scott7278 ( "...I have not changed Congress and how it operates the way I would have liked." BHO)
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To: Blood of Tyrants

Just wait until that $400 bill comes due for these households that didn’t plan on it. They might not have noticed $8 a week, but they will in the end!


24 posted on 12/16/2010 2:28:36 PM PST by scott7278 ( "...I have not changed Congress and how it operates the way I would have liked." BHO)
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To: scott7278

Yep! It wasn’t an $8 tax CUT. It was simply an $8 reduction in with holdings that has to be repaid!


25 posted on 12/16/2010 2:37:12 PM PST by Blood of Tyrants (Islam is the religion of Satan and Mohammed was his minion.)
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To: epithermal

That’s why when the tax withholding changed, I immediately changed my W4 to increase the ammount that was taken out, just so I wouldn’t get hit with a tax bill come tax time.


26 posted on 12/16/2010 2:57:04 PM PST by RikaStrom (Pray for Obama - Psalm 109:8 "Let his days be few; and let another take his place of leadership.")
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To: epithermal
I need an accountant.

Then the IRS has met one of its goals.

27 posted on 12/16/2010 2:59:13 PM PST by A42G-11 (What goes here?)
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To: epithermal

Wow, seems like I remember almost all FReepers saying this would be what would happen to this so called “tax credit” which in reality was a “kick it down the road ‘till later” move.


28 posted on 12/16/2010 3:03:47 PM PST by calex59
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To: epithermal

Half of them are probably unemployed now anyway, good luck to Zero getting that money! What an idiot!


29 posted on 12/16/2010 3:36:34 PM PST by blondee123 (IMPEACH THEM ALL! FREEDOMS SLIPPING AWAY DAILY!)
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To: Mr. K
KISS THAT REFUND GOODBYE

I forgot to claim it last year on my return. The nice folks at IRS sent me the $400 shortly after I mailed in the forms..

30 posted on 12/16/2010 5:16:15 PM PST by EVO X
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To: denydenydeny

I think, after this omnibus thingy, there may be very few democrats in the next ten years.


31 posted on 12/16/2010 7:41:00 PM PST by vecchia
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To: Nachum

Ping


32 posted on 12/17/2010 8:05:07 PM PST by Jet Jaguar (WE'RE SCREWED '08)
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