{"id":2103,"date":"2009-05-01T13:21:53","date_gmt":"2009-05-01T17:21:53","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=2103"},"modified":"2009-05-01T13:21:53","modified_gmt":"2009-05-01T17:21:53","slug":"obamas-tax-cut-may-include-a-rude-surprise-for-some-taxpayers","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2009\/05\/01\/obamas-tax-cut-may-include-a-rude-surprise-for-some-taxpayers\/","title":{"rendered":"Obama’s Tax Cut May Include a Rude Surprise for Some Taxpayers"},"content":{"rendered":"

Millions of taxpayers could be in for a rude surprise next spring thanks to Pres. Obama’s “Making Work Pay” tax credit<\/a>:<\/p>\n

WASHINGTON (Map, News) – 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.<\/p>\n

The government is going to want some of that money back.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

The Internal Revenue Service acknowledges problems with the withholding tables but has done little to warn average taxpayers.<\/p><\/blockquote>\n

I’m not at all surprised… Typical carrot and stick, the government reduces payroll taxes letting us keep more of our money and then turns around says “Whoops, we let keep to much of your money” and takes it away.<\/p>\n","protected":false},"excerpt":{"rendered":"

Millions of taxpayers could be in for a rude surprise next spring thanks to Pres. Obama’s “Making Work Pay” tax credit: WASHINGTON (Map, News) – 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 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[26,7],"tags":[57,638,1365],"class_list":{"0":"post-2103","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy","7":"category-politics","8":"tag-barack-obama","9":"tag-irs","10":"tag-taxes","11":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-xV","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":756,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/13\/95-illusion\/","url_meta":{"origin":2103,"position":0},"title":"95% Illusion","author":"Jeff","date":"October 13, 2008","format":false,"excerpt":"The Wall Street Journal has a great analysis of Barack Obama's \"tax cut\" proposals today. The Journal's analysis should come as a surprise to anyone... In short Obama \"tax cuts\" are 95% illusion. One of Barack Obama's most potent campaign claims is that he'll cut taxes for no less than\u2026","rel":"","context":"In "Politics"","block_context":{"text":"Politics","link":"https:\/\/www.jasetaro.com\/blog\/category\/politics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1583,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/02\/26\/barack-obamas-2-illusion\/","url_meta":{"origin":2103,"position":1},"title":"Barack Obama’s 2% Illusion","author":"Jeff","date":"February 26, 2009","format":false,"excerpt":"From the Wall Street Journal: President Obama has laid out the most ambitious and expensive domestic agenda since LBJ, and now all he has to do is figure out how to pay for it. On Tuesday, he left the impression that we need merely end \"tax breaks for the wealthiest\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":725,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/08\/100-economists-warn-that-barck-obamas-tax-proposals-could-throw-the-us-economy-into-recession\/","url_meta":{"origin":2103,"position":2},"title":"100 Economists Warn That Barack Obama’s Tax Proposals Could Throw the US Economy into Recession","author":"Jeff","date":"October 8, 2008","format":false,"excerpt":"I've been debating whether to post this all day... Yes, it's from the McCain campaign but ultimately I think it would be foolish to dismiss the opinion of a group of experienced economists out of hand. Economists Statement On Barack Obama's Risky Economic Proposals 100 ECONOMISTS WARN THAT WITH CURRENT\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4158,"url":"https:\/\/www.jasetaro.com\/blog\/2011\/08\/13\/the-fallacy-of-the-101-mix-of-spending-cuts-and-tax-hikes-question\/","url_meta":{"origin":2103,"position":3},"title":"The fallacy of the 10:1 Mix of Spending Cuts and Tax Hikes Question","author":"Jeff","date":"August 13, 2011","format":false,"excerpt":"I suspect most of you have seen or heard about this exchange during the Republican Presidential Debate in Iowa last Thursday night: http:\/\/www.youtube.com\/watch?v=ASQNITVweLo&feature=player_embedded It was a bullshit question, first of all unless those spending cuts are immediate they'll never materialize... particularly when the baseline for negotiations is that the taxes\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/ASQNITVweLo\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1454,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/02\/03\/daschle-withdraws-nomination\/","url_meta":{"origin":2103,"position":4},"title":"Daschle Withdraws Nomination","author":"Jeff","date":"February 3, 2009","format":false,"excerpt":"Former Senator Tom Daschle has with withdrawn his name from to be Barack Obama's secretary of Health and Human Services. Former Democratic Senate leader Tom Daschle \u00a0withdrew his name from nomination to be President Barack Obama's secretary of Health and Human Services today. The action occurs after revelations that Daschle\u2026","rel":"","context":"In "Politics"","block_context":{"text":"Politics","link":"https:\/\/www.jasetaro.com\/blog\/category\/politics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1039,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/11\/22\/newt-lets-have-a-real-middle-class-tax-cut\/","url_meta":{"origin":2103,"position":5},"title":"Newt: Let’s Have a Real Middle-Class Tax Cut","author":"Jeff","date":"November 22, 2008","format":false,"excerpt":"I've been a little out of pocket over the last couple of days so guess you could say I'm playing a bit of catchup with this post. I suspect most of you read Newt Gingrich's Wall Street Journal Op Ed on middle class tax cuts: Let's Have a Real Middle-Class\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/2103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=2103"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/2103\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=2103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=2103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=2103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}