Here's the latest bombshell from the office of the President: prepare to pay...AGAIN! Once again a plan by president barack Obama to supposedly "help families" and "stimulate the economy" has ended up backfiring and guess who is going to get the shaft?
I read a story from the Associated Press that states tha tabout 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 12-16-10.
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.
Those at risk included people with multiple jobs, married couples who both work, Social Security recipients who also work, and young workers who are also claimed as dependents on their parents' tax returns.
"The Making Work Pay credit is a key tax credit designed to increase spending and stimulate the economy," George said. "However, many taxpayers who are accustomed to receiving refunds when they file their tax returns may have owed taxes and incurred penalties in 2009, and may yet again in 2010, because they were advanced more of the credit than they were entitled to claim."
Does this President, the former Jr. Senator from Illinois who had less than three years governmental experience know what he is doing, or, is he just pushing the party line irrespective of the realities of such decisions? We paid for TARP. We paid for the auto industry bail out. We WILL pay for healthcare reform, and now we have to pay once again for THEIR mistake. When will his administration get it right?