Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Anonymous
Anonymous asked in Politics & GovernmentPolitics · 1 decade ago

So much for Obama's tax credit?

http://finance.yahoo.com/news/INSIDE-WASHINGTON-Ru...

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."

Is this the 'change' you voted for?

14 Answers

Relevance
  • chukki
    Lv 6
    1 decade ago
    Favorite Answer

    Interesting how the press waited till after the 100 day buttkissing fest to air this story...

  • David
    Lv 6
    1 decade ago

    yep though it was bad for us - 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.

  • Diana
    Lv 4
    5 years ago

    2011

  • canam
    Lv 7
    1 decade ago

    Millions of working taxpayers are expecting to get a check from obama for $400, $800 for couples and its not comming in the mail. It gets doled out a little at a time from a tax reduction in federal payroll taxes. He gives it now, and takes it back later, but unless your a retiree, no check comes in the mail. More deception.

  • How do you think about the answers? You can sign in to vote the answer.
  • 1 decade ago

    No thinking person thought they would be better of with Obama in the White House.

    Besides, most Obama voters are on welfare so they have no idea what a paycheck even is.

  • 1 decade ago

    You are exactly right. Especially if a person is working two jobs will be getting the credit on both paychecks and may end up having to payback the excess.

  • 1 decade ago

    I didn't vote for change. I remembered what Clinton's idea of "change" was, on which he won, and I had "change" instead of dollars during his regime...so I voted against Obama and his "change", too.

    If anyone actually believes they are going to get tax-cuts helping the economy from the Liberal regime...Obama's demons...I'm sorry to inform them all, that they are continuous fools. No Liberal is going to cut taxes....HISTORY proves me right!

  • Anonymous
    1 decade ago

    0bama giveth and 0bama taketh away unfortunately he takes more than he gives, I doubt he will be re-elected as this is just one more example of how unfit for the office he is

  • 1 decade ago

    0 bama is a Zero,not a Hero

  • that sucks so bad. and that a$$hole still wants to put tax on caffeine products and tobacco.

Still have questions? Get your answers by asking now.