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Friday, May 1, 2009

"Making Work Pay" Tax Credit Doesn't Pay If You Work Extra, You'll Pay Money Back Next April

The $7.69 per week "windfall" could become just a mirage to many people next April 15:

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.

$7.69 per week, can has anyone even noticed that much extra in their check? I know I haven't. That won't even fill up my car with gas all the way. So, not only is the amount received by the the Obama tax credit is laughable, but Obama is going to want some of that back next year.

Who he's going to take money from?

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.

Let me get this straight. Families where both parents work to support the children, single parents who have to hold more than one job to take care of the kids, and retirees who have worked hard all of their lives don't have their work "pay" as much as everyone else.

So much for the tax credit for 95% of Americans. I guess it was just a fantasy to think that a extemely liberal president like The One would actually give us a tax credit we can actually believe in.

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