Taxpayers to get rude surprise

[Gunny]

Stephen Ohlemacher, Associated Press Writer
On Thursday April 30, 2009, 6:55 pm EDT

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.

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.

INSIDE WASHINGTON: Taxpayers to get rude surprise - Yahoo! Finance

Here's Obama's help for the middle class, as promised.

This ought to stimulate the economy.

 

[auditor0007]

All of this short term crap isn't going to amount to a hill of beans in comparison to the long term trends. If we continue on the current course over the next eight years, within fifteen years everyone will be paying at least 50% more in taxes, because there will be no other options left.

Everyone's worried about a flu pandemic, but nobody gives a shit about the spending pandemic taking place in Washington.

 

[alan1]

Stephen Ohlemacher, Associated Press Writer
On Thursday April 30, 2009, 6:55 pm EDT

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.

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.

INSIDE WASHINGTON: Taxpayers to get rude surprise - Yahoo! Finance

Here's Obama's help for the middle class, as promised.

This ought to stimulate the economy.

Correct me if I'm wrong, but wasn't it just the withholding tables that were changed, and not the actual tax code?
In other words, you are still going to pay the same amount of tax on your income when April 15th rolls around, you just had less withheld throughout the year.

 

[xotoxi]

Simple solution:

Take the extra money that you get back from the government, stick it in a savings account, then when it's time to pay it back to the IRS, just withdraw it from the savings account.

With the leftover money made with the interest, you can probably buy a sandwich, Coke, and chips at Subway.

 

[Annie]

This may be the best think that happens to the worthless GOP. Going to be lots of pissed people a year from now.

 

[Iriemon]

All of this short term crap isn't going to amount to a hill of beans in comparison to the long term trends. If we continue on the current course over the next eight years, within fifteen years everyone will be paying at least 50% more in taxes, because there will be no other options left.

Everyone's worried about a flu pandemic, but nobody gives a shit about the spending pandemic taking place in Washington.

The truth is we should all be paying 50% more now.

 

[strollingbones]

70% of american taypayers do not pay more at settlement but received a refund

 

[DiveCon]

i saw this coming

 

[Yurt]

i saw this coming

i saw you seeing this coming

 

[Xenophon]

Suckers.

 

[Harry Dresden]

Simple solution:

Take the extra money that you get back from the government, stick it in a savings account, then when it's time to pay it back to the IRS, just withdraw it from the savings account.

With the leftover money made with the interest, you can probably buy a sandwich, Coke, and chips at Subway.

not if you live in California....

 

[driveby]

All of this short term crap isn't going to amount to a hill of beans in comparison to the long term trends. If we continue on the current course over the next eight years, within fifteen years everyone will be paying at least 50% more in taxes, because there will be no other options left.

Everyone's worried about a flu pandemic, but nobody gives a shit about the spending pandemic taking place in Washington.

The truth is we should all be paying 50% more now.

Whats stopping you ? ........

 

[auditor0007]

All of this short term crap isn't going to amount to a hill of beans in comparison to the long term trends. If we continue on the current course over the next eight years, within fifteen years everyone will be paying at least 50% more in taxes, because there will be no other options left.

Everyone's worried about a flu pandemic, but nobody gives a shit about the spending pandemic taking place in Washington.

The truth is we should all be paying 50% more now.

In other words, you support the Federal Government accounting for 30 to 40 percent of GDP. When we add state and local government, government as a whole will then account for close to 50% of GDP. Yea, I want to go there.

 

[RodISHI]

When the people that are retired collecting SS and pensions must pay more they will lose more of those second homes they have. The mortgage foreclosures will be worse in areas like Texas, Florida and Arizona where retirees spend their winters.

Has anyone looked at the properties that are being sold for taxes across the nation? It is a staggering amount of real property that people are losing because they cannot afford the property tax hikes across the country.

Folks like my parents who only live in one home will be picked cleaned from these excessive taxes and the ever increasing cost of living. Even though they are thrifty with what they have the excessive taxes, insurance and the added cost of utilities are killing off their small savings account.

Families will suffer the effects even as more people have to keep more of what they recieve each month and they cannot afford to have small things done like yardwork or small house repairs.

Many parents that now are already working two or more jobs to make ends meet. Too many of the children have very little quality time with their families.

 

[Iriemon]

When the people that are retired collecting SS and pensions must pay more they will lose more of those second homes they have. The mortgage foreclosures will be worse in areas like Texas, Florida and Arizona where retirees spend their winters.

Has anyone looked at the properties that are being sold for taxes across the nation? It is a staggering amount of real property that people are losing because they cannot afford the property tax hikes across the country.

Folks like my parents who only live in one home will be picked cleaned from these excessive taxes and the ever increasing cost of living. Even though they are thrifty with what they have the excessive taxes, insurance and the added cost of utilities are killing off their small savings account.

Families will suffer the effects even as more people have to keep more of what they recieve each month and they cannot afford to have small things done like yardwork or small house repairs.

Many parents that now are already working two or more jobs to make ends meet. Too many of the children have very little quality time with their families.

I don't think it is property tax hikes that are driving foreclosures. Here in Florida, I read that something like 30% of the homes were bought for speculation. I can't believe it is that high. But speculators thinking they could flip and profit (just like it said on the commercials) and got stuck now owning a mortgage they can't afford on a house that is worth less than the loan is the real driving problem.

 

[Gunny]

All of this short term crap isn't going to amount to a hill of beans in comparison to the long term trends. If we continue on the current course over the next eight years, within fifteen years everyone will be paying at least 50% more in taxes, because there will be no other options left.

Everyone's worried about a flu pandemic, but nobody gives a shit about the spending pandemic taking place in Washington.

The truth is we should all be paying 50% more now.

The truth is ... wrong. The government shouldn't be spending what it doesn't have. The answer to everything is not putting people on the sidewalk by jacking taxes. I can't even begin to fathom that "what's yours is mine" mentality.

Yet you wonder why businesses move out of this country.

 

[Gunny]

70% of american taypayers do not pay more at settlement but received a refund

Sure. They game the withholding. I do. How do I do it? I have more withheld during the year than I have to ensure they owe me and not the other way around. Some deal. I get "some" money back but nothing even close to what is stolen from me by the government.

 

[Iriemon]

All of this short term crap isn't going to amount to a hill of beans in comparison to the long term trends. If we continue on the current course over the next eight years, within fifteen years everyone will be paying at least 50% more in taxes, because there will be no other options left.

Everyone's worried about a flu pandemic, but nobody gives a shit about the spending pandemic taking place in Washington.

The truth is we should all be paying 50% more now.

The truth is ... wrong. The government shouldn't be spending what it doesn't have. The answer to everything is not putting people on the sidewalk by jacking taxes. I can't even begin to fathom that "what's yours is mine" mentality.

Yet you wonder why businesses move out of this country.

I was a little tounge in cheek about 50%, but being another $5 trillion in debt since 2000 creates a need for even more revenues. The government shouldn't be spending what it doesn't have, of course, but what is doesn't have is a function of how much it collects in taxes.

Cut taxes and it "doesn't have" as much. Taxes should never have been cut by Bush unless he matched them with spending cuts -- first.

 

[Gunny]

i saw this coming

I've been saying it since this stimulus bullshit started. I must be using invisible ink because I NEVER get it addressed.

The fact is, BOTH parties stink and BOTH are screwing us. BOTH need to be put out on their asses but they've pretty much legislated THAT into a non-starter.

And the sheeple just want to sit and watch it happen and make excuses and do nothing.

 

[DiveCon]

i saw this coming

I've been saying it since this stimulus bullshit started. I must be using invisible ink because I NEVER get it addressed.

The fact is, BOTH parties stink and BOTH are screwing us. BOTH need to be put out on their asses but they've pretty much legislated THAT into a non-starter.

And the sheeple just want to sit and watch it happen and make excuses and do nothing.

yup, every time i saw an obamabot claim he cut taxes i would correct them and tell them they would see this come back to bite them in the ass on tax day