Tax Cuts for 95% of Americans......Now pay up!

[Skull Pilot]

Millions may have to repay part of Obama tax credit [Updated] | Money & Company | Los Angeles Times

For more than 15.4 million people, the Making Work Pay tax credit enacted as part of the $787-billion economic stimulus package could turn out to be a Making You Pay Back tax credit....

The problem: In order to maximize the credit's stimulative effect on the economy, withholding changes for taxpayers kicked in within days of Obama signing the legislation and taxpayers started seeing the changes in their paychecks in April. In essence, the credit was "advanced to taxpayers through their wages by a decrease in federal income tax withholding" for the 2009 and 2010 tax years, according to the report by the Treasury Department's Inspector General for Tax Administration.

If too much of the credit was advanced, a person would end up having to pay the extra money back. After analyzing 2007 tax return data, the Inspector General found that more than 15.4 million people could fall into that category this year. Among the reasons for having to pay back some of the credit are having more than one job or receiving pension or Social Security payments while still working.

More dimocrat math

 

[PatekPhilippe]

......Now pay up!
ha ha ha ha ha ha ha ha ha ha ha
Obama's IRS: "Ya...we'll get right on that son. Oh..by the way your bank accounts are frozen."

Don't worry. The tax tables WILL be changed for the 2009 tax year coming up so EVERYONE in America will see a smaller return.