So that wonderful tax cut to 95% of the people in America? How will they feel when they have to pay it back next year because too much was witheld. Will my daughter keep her $400 set aside to pay back to the government? That particular American who earns well under the poverty level does not qualify for the tax credit because she is claimed on our taxes (talk about someone who would stimulate the retail economy too!!). How will I feel when I have to pay $400 more taxes back to the government next year because they screwed up the witholding tables? (this affects 33 million married couples..thats 55% of married couples)
Imagine how so many married couples who find out they get less back from their return or have to pay more back to the government are going to feel next April. America is a land of savers so I'm sure everyone will have their money set aside or not be anticipating getting so much. Obama's plan gives everyone a little cash now so you can take it all back a year from now. Save us Obama... your well thought out plans will save the day.
Here are some nice benefits for the retirees.
"Retirees who have federal income taxes withheld from pension benefits also are getting an income boost as a result of the new withholding tables. However, pension benefits are not earned income, so they don't qualify for the tax credit. That money will have to paid back next year when tax returns are filed."
another bonus for retirees?
"The Social Security Administration is sending out $250 payments to more than 50 million retirees in May as part of the economic stimulus package. The payments will go to people who receive Social Security, Supplemental Security Income, railroad retirement benefits or veteran's disability benefits.
The payments are meant to provide a boost for people who don't qualify for the tax credit. However, they will go to retirees even if they have earned income and receive the credit. Those retirees will have the $250 payment deducted from their tax credit -- but not until they file their tax returns next year, long after the money may have been spent."
You can note it here. An uber conservative is saying, "No more tax cuts please. I can't afford it."