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Too bad for the people who used that money for cash for clunkers or to be added for a home with a tax credit and later find out they won't qualify and have to pay the tax credit back....
One more time: there is nothing to "pay back". Everyone has to pay his taxes and anyone who is paying in because of this glitch is doing so only because he was under-withheld. Most people are over-withheld and probably will barely notice any reduction in their refund.
You are technically correct. This was never a tax credit. If was sold that way, however. The government did not lower the marginal tax rates. It was not a gift. It was smoke and mirrors.
More misinformation. MWP is most definitely a tax credit, which is in fact a gift. If single, you get a free $400 taken off your 2009 tax bill. But in the interest of getting that money out into the economy quickly so that it can do some stimulating, the law isn't waiting around for you to deduct it from your tax bill on April 15, 2010, thereby pumping up your refund. Instead, less money is being taken out of your paycheck now. You are simply getting that same $400 credit in current biweekly installments rather than as a lump sum payment next Spring.
*sigh* Since I have more than one job, I pray that my tax liability isn't too great. Last year, I wound up owing 2500 combined federal and state taxes. I'm not looking forward to filing my taxes this year especially as I qualify for unemployment benefits.
Funny how we can throw millions of dollars away on researching radioactive rabbit poo and building turtle crossings and other "stimulating" projects but again the American people are being nickeled and dimed.
Make Work Pay is worth $116 billion. Nickels and dimes to some folks, I guess..
Location: The Chatterdome in La La Land, CaliFUNia
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Quote:
Originally Posted by Jadex
You wanna ignore the ones that arent going to get a refund and are going to have to pay instead. YOu wanna dismiss that by saying more wont. To heck with that ones that will right
wonderful for those that wont and sorry about your luck for those that will
I am currently receiving unemployment benefits and I fear that I may be among those that will owe big time because I have had multiple jobs this year.
Too bad for the people who used that money for cash for clunkers or to be added for a home with a tax credit and later find out they won't qualify and have to pay the tax credit back....
Yeah, a lot of these couples making more than $150,000 a year are going to be wiped out by this. Goes to show what can happen if you don't keep your W-4 up to date...
Laughable. That's like saying that since there is no option to keep your car from running out of gas short of stopping at a gas station, the manufacturer should pay to bring you more gas. Making sure that your tank doesn't reach Empty is YOUR responsibility. So is your W-4...
Quote:
Originally Posted by Sagran
But....but.....but it's so hard to change my W-4.
If I'm one of those people who filled out his W-4's originally so that I'm on the edge every year and might have to pay in if that $400 wasn't withheld, I reap what I sow when I cut it that close.
No, what's laugable is that the Obama Administration put forth a tax break with strings attached. The expectation that millions of American's would go the extra step of dealing with the company HR department in order to change a W-4 is about as absurd as it gets.
And I think you know that. But the liberal muck between your ears keeps you from acknowledging that this Administration can't get anything right, including a tax break, without tying all kinds of strings to it. I don't recall a single time in my entire life when a tax break from the government required me to line up at the HR department.
You don't realize how foolish you sound by promoting the idiocy coming out of this Administration. Which is precisely why you show up in threads like this. Damage control is is your modus operandi. The fact that you're paid to do that is very telling and downright embarrassing. That's the truly laughable part.
Last edited by AeroGuyDC; 11-17-2009 at 02:49 PM..
No, what's laugable is that the Obama Administration put forth a tax break with strings attached. The expectation that millions of American's would go the extra step of dealing with the company HR department in order to change a W-4 is about as absurd as it gets.
And I think you know this. But the liberal muck between your ears keeps you from acknowledging that this Administration can't get anything right, including a tax break, without tying all kinds of strings to it. I don't recall a single time in my entire life when a tax break from the government required me to line up at the HR department.
You don't realize how foolish you sound by promoting the idiocy coming out of this Administration. Which is precisely why you show up in threads like this. Damage control is is your modus operandi. The fact that you're paid to do that is very telling and downright embarrassing. That's the truly laughable part.
I don't think you know how lacking in knowledge about income taxes you appear to be, an impression I am sure is accurate.
I don't think you know how lacking in knowledge about income taxes you appear to be, an impression I am sure is accurate.
Is that right?
Aside from my first post, which is accurate, you don't know anything about my knowledge of income taxes. Correct?
So, come forth oh little one, and tell me how you come to this conclusion?
You can't.
As I said before, this tax break had strings attached to it if the requirment was such that working couples were required to assess the damage to their own personal tax situations. These strings are unacceptable, especially for such a little tax credit. Period. End of statement.
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