Paying back your tax cut: 15 million may

These are the people you want running your healthcare? Think about it people. They can't even get something as simple as a tax credit right.

If people understood how to make the most of their taxes, they would be celebrating this. People should always strive to owe the government, not get a refund. That means you've been using the government's money all year - potentially investing it and earning interest off it.

But instead, people have no discipline to spend their money wisely, they piss it all away, and then they're grateful for the "windfall" come April, which windfall is just YOUR money that you've been allowing the government to use all year interest free.

So the TAXPAYER gets it in the neck AGAIN. Not Timmy or the rest of obama's tax avoiding staff. Not the 50% who pay NO income taxes. Not the illegals, who pay no income taxes. And certainly NOT his Aunt who is here illegally and on welfare in Boston. So obama's giveaways will ALWAYS be paid by those who follow the rules. Thanks to all those who voted for Hopeium and Dopeium. Those who saw "Chahge" as the new way. The new way into the TAXPAYERS pocket. Remember. The big print givith AND the fine print taketh away.

Given the way this administration has proven to not be honest with the public how will the takeover of the health care system be any different? Those who play by the rules will again have to pay for those who do not.

It's not "repaying" - its that the people will ultimately pay the correct amount of tax.
Because of their situation, they are getting the benefit of receiving more money than they actually should now - so these people are actually BENEFITTING - not having to "pay back". They are getting what amounts to an interest-free loan. (Of course , that depends on things too.)

This is a thoroughly misleading headline. The proper headline should have been millions received credits in excess of what they were entitled to. There is nothing that happened that will result in people receiving less than the credit they're entitled to. That they will have to repay the excess benefit they received is only proper. This is poor journalism.

Classic. Let's create a program to "give" money back to the people, only to take it right back.

So how is that hope and change working out for you? Is there any campaign promise that Obama has made that he hasn't broken? 2010 and 2012 can't come soon enough.

In other words, Obama's administration goofed up.
Just like they did with the "Cash for clunkers" program. Just like they're doing with the "stimulus", claiming credit for nonexistent jobs sited in nonexistent Congressional districts.
Why would anyone trust these goofballs to run a nation's health care?

Wingnuts unite!

Didn't receive any money from Obama so don't care. The gov already rapes me on taxes since I work hard
and made something of myself. I feel like Obama visiting distant lands having to bend over or bow. I have that in common with the guy every April 15th.

Did you vote for Barry Obama? Thanks a lot idiot.

Yeah, this was a huge surprise. Can this 'community organizer' get anything right?

Behold the incompetence that is Obumbles! Thanks Obamatron dopes.

My husband is in the pension ineligibility category. This wasn't proper, either, because people WORKED for their pensions, therefore, the stimulus would have not only been appropriate, but would have helped those with fixed incomes spend more and stimulate the economy!

Typical demoncrap: Give a tax cut, taketh away. Leave it to the Obimbobots to say "they just got too big a tax credit." Course, it's those taxpayers own money! But then loons on the left don't do anything to pay taxes anyway, so why would they care?

Your headline is misleading or your reporting not exactly accurate. The details of your story indicate that, due to complications involving timing, the federal witholding may not have been enough to cover actual tax liability. People still get every single dollar of the Tax credit. However, they may --or may not-- have to pay out at tax time depending if their actual tax due is greater than amount of Federal withholding. Nobody is "paying back" part of the tax credit.They got every dollar of it.

The program is "working as intended." You still GET the extra $400 to $800 credit. You just may have gotten it in dribs and drabs over the year (which you probably spent - as intended) and will get a smaller refund of YOUR OWN MONEY THAT YOU LOANED THE IRS ALL YEAR AND SHOULDN"T HAVE. Now instead of taking your fat refund check of your OVERPAYMENT in February and throwing it in the bank, you spent it all year long on the little "stuff" that keeps the economy going.

OMG.. That is too funny.

Why do I suspect I'll get "free " healthcare only to be billed later.

Coming from Chicago, this sounds like the "Old Chicago Two Step" promise one thing and give them another. The staff in the white house and the elected offices have no idea how to handel anything but fly in a Pizza man from St. Louise to cook lunch; fly to New York for dinner and a show; or buy expensive clothing to walk around in, after all they are not paying for it. Do they want my slice of pizza I did not eat, when I had dinner with my wife? Take the money back and stop the health plan, that would be a good deal!

Big deal! If I receive some tax credits that later on prove to be excessive, I should be willing to pay the excess back without whining. Republicans have become perpetual whiners.

Aren't these the same morons who used to talk about personal responsibility? I guess being a responsible taxpayer is a difficult notion for the teaparty junkies to understand.

This is not the first time nor will it be the last time that the IRS had to make adjustments. Blaming Obama for it after ignoring eight years of Bush/Chaney incompetence is himalayan-size hypocrisy that only conservatives are capable of.

What about all the people that rely on those big annual tax refunds that now won't get them because OBAMA and his all-knowing idiot crew decided that your withholdings are too high. Who is Obama to tell anyone how much they should withhold? What a joke, they didn't decrease anyone's tax liability, all they did was decrease everyone's weekly withholdings. which means you will owe more at the end of the year or or get back less of a refund. SCAM

This is so ridiculous! I mean, Bush's administration gave us those stupid checks after 9/11 to stimulate the economy, and that was okay, even though we actually had it deducted from our tax refunds... but the fact that there were credits issued, and some people got more than they should and will not then get as large of a return as they would have otherwise, that’s a big'ole bungle on the Obama administration... what about the 8 yrs of lies we received from the preceding administration? Wow, amazing how Obama has been president less than a year and you all come out screaming about his incompetence... but in the 8 yrs of Bush, you probably supported all his vengeful tactics, bumbling and general idiocy!

Team Obama and the IRS did not see this coming, then why did my CPA tell me about it when it started? Can we start calling them "Dumb and Dumber". Good job Team Obama lying to the people again.

The Big "O" keeps adding up to ZERO. He is spending like a wild man, makes healthcare plans that won't impact him or his family because he knows it is horrible and he keeps his "frequent flier" program going by being a globtrotter. 2010 and 2012 cannot come soon enough....maybe then we can get CHANGE!!!!! What a disappointment to honest hardworking Americans.

Reading comprehension skills among the wing-nut set are very low. Many children left behind, I'm afraid.

Posted by: Doc Ray "Republicans have become perpetual whiners"

Really? So what was the last 8 years about then? Seemed to me that the other side complained and whined to no end and then said that it was Patriotic.

This is money that I worked for that the government has not been handling properly today despite the promises otherwise. The other day in China, the President told the Chinese ""Debt-driven growth cannot fuel America's long-term prosperity," he said...Obama pointed out to the 20 other APEC leaders that he had inherited a deficit already above a trillion dollars from former president George W. Bush...."

Yet, what are they doing about it? Spending more to "get us out of this mess"

http://www.terradaily.com/reports/Obama_vows_serious_bid_to_cut_US_deficit_999.html

Was it an economic stimulas or a tax credit ? Which was it.

Those who qualified and likely didnt need it, got it and put it in the bank.
Meanwhile those who really needed it and would have used it to stimulate the economy, received not one dime, because their income was too low.
Strange logic.

I'm surprised the article didn't point out that you'll pay a PENALTY if you don't have enough tax withheld during the year-- and because of this trick, more taxpayers will get tricked into paying a penalty (source: IRS pub. 505, "Penalty rate. The penalty for underpayment of 2008 estimated tax is figured at an annual rate of 6% for the number of days the underpayment remained unpaid from April 16, 2008, through June 30, 2008; 5% for the number of days the underpayment remained unpaid from July 1, 2008, through September 30, 2008; 6% for the number of days the underpayment remained unpaid from October 1, 2008, through December 31, 2008; and 5% from January 1, 2009, through April 15, 2009.")

obama and his band of tax cheats would screw up a two car funeral! What a disgrace and embarassment this professor of change turned out to be. How many people will now have to go without to pay back money the goverment should have never sent them.

So let me get this straight. I won't have to pay back any of my tax credit. I will just have my refund reduced. Thanks. That's much better.

Larry, if you're lucky. Read Innocent_III's post about the penalties for being underwithheld. But I'm sure this was all just a lucky coincidence.....

Stop being crybabies. You can change your withholding rate whenever you want by filling out a new W2 form. If you under-withhold, you owe the IRS later. If you over-withhold, you get a refund, and because YOU failed to estimate your taxes correctly, the government gets to use your money for a year. It has always been that way. The govt can always stimulate the economy just by changing the minimum estimated tax penalty thresholds.

...more than 110 million families have benefited from as much as $60 in additional take home pay each month to put toward their family budgets -- serving as a steady boost to spending and consumption...

Yeah, 2 dollars a day per family is really driving the economy forward.
We're certainly seeing the results...
AYFKM?

No hope. No Change. Just more of the same until we take back our country from the special interest groups that funnel money to the pols (of both parties). Wake up people! We need to quit fighting amongst ourselves and fight to put truly independant people in office. We are not represented by either party and haven't been for decades.

Let's be clear. democrats are of course for tax cuts. Well, "targetted" tax cuts that is, which means that you will always be "targetted" to not ever get one.

The community organizer at work. One screw up after another. Wait until the unemployment rate hits 12%,

I questioned my tax preparer about this when I received the notice of the tax cut. Just to be on the safe side I said "no thank you". I didn't trust the government, especially when they're trying to give me something.

"We are the change we have been waiting for!"

Had enough?

11+ months to go until midterms.

Had enough?

The 20th anniversary of the falling of the Berlin Wall and our leader turns down the invitation to go to commemorate it. Instead he sends a recorded message in which he FAILS to mention either Ronald Reagan, Pope John Paul II or Margaret Thatcher (hint - they were in large measure responsible), but he DOES find time to mention

(dramatic pause)

himself (not by name but read the piece and you'll see what I mean)

Bumper sticker - somewhere in Kenya there is a village looking for its idiot

had enough?

Get rid of the Bush tax cuts for the super wealthy. Clinton--and all of us--had a surplus due to taxing the super wealthy. They continued their great lifestyles. They didn't leave the country under Clinton. The Bush tax cuts to the super wealthy threw the rest of America under the bus. Reinstate higher taxes to the wealthy-NOW. Do this so America is America again. Do this instead of cutting mamograms on women in their 40s. Do this and go after the pharma industry as they raise drug prices bf the health bill. Take out ALL concessions for big Pharma as they will just screw us anyway. Obama-it's easy--just undo all that Bush did and forget bipartisanSHIP. The repugs wouldn't even throw you their votes--or any of us a life RAFT. I didn't vote for Obama so he'd be bipartisan. I won't vote for him again if he is.
*
And, for God's sake, tax or place a fee on all the Catholic holdings in this country. They gave up their tax-exempt status long ago with their continued political lobbying and political activism. Figure it out--there is a lot of money there for health reform and life. I do hope they are also interested in life once it's out of the womb. Bishops and priests live very high on the hog in this country--and pay no tax? Sorry I can't say the same for the nuns here. Oh, right, they're women.

Quit exaggerating people!

The biggest credit you could have received was $800. IF all of that was issued to you in error causing you to be under withheld and subject to a withholding penalty of 5% the total penalty would be $40. That assumes you were behind for an entire year which you would not be since you would be slowly falling behind all year.

Also, there is a safe harbor provision for under withholding. You only have to pay 90% of your tax liability to be safe from penalty.

As for the comments that government shouldn’t limit us to how much can be withheld - they didn’t. Anyone is free to increase their withholding by filling out a W4 with their employer.

Lots of ignorant rubes out there. My only question is do they believe they aren't getting the full tax credit because they are too stupid or because they are parroting talking points and therefore have no idea what they are talking about. In any case Republicans and Obama haterz are pure garbage.

senator dirksen...please give an example of how "Given the way this administration has proven to not be honest with the public..." And please facts, not the fiction that is usually posted here.
Eli, Captain Obvious, you guys really need to learn how to comprehend what you read. No one is "getting it in the neck" just returning money that they shouldn't have gotten. Money (if they were smart) the collected interested on.
Pat in Florida you make absolutely no sense. You just keep whining, whining, and whining...about frequent flyer miles...aww come on now?
Tara, thank you for saying exactly what I am thinking. I guess being a Republican means if you not one of us then you're the enemy no matter what you do.

I laugh everytime I hear people griping about tax cuts for the wealthy.
Correct me if I am wrong, it's the wealthy 5% that pay the vast majority of the taxes received by the government every year.
The rest of the "folks" sit at home blogging collecting free services. Now get back to work if you have a job before your boss catches you goofing off on the internet & then you don't have a job anymore...

Big deal! If I receive some tax credits that later on prove to be excessive, I should be willing to pay the excess back without whining. Republicans have become perpetual whiners.

Aren't these the same morons who used to talk about personal responsibility? I guess being a responsible taxpayer is a difficult notion for the teaparty junkies to understand.

This is not the first time nor will it be the last time that the IRS had to make adjustments. Blaming Obama for it after ignoring eight years of Bush/Chaney incompetence is himalayan-size hypocrisy that only conservatives are capable of.

Posted by: Doc Ray | November 17, 2009 11:41 AM

Tell it to Czar Timmy there Doc. Besides your name calling while saying others are whiners, you make no valid argument at all.

Ha. It is like coming to my show and I give you a car but you have to pay $5,000 in taxes.

For most households, the withholding problem associated with the tax credit "means a reduced refund and not an out-of-pocket tax liability," the IRS said in a letter to the Inspector General.

Ok, a reduced refund IS AN OUT OF POCKET TAX LIABILITY! These morons think that because you don't have to whip out your checkbook, you'll be none-the-wiser. Just keep voting for these tax-tax-tax and spend liberals people.

I see lefties on here trying in vain to keep the sacred cow of BO's image untarnished. They are essentially claiming that people receiving the payroll tax "credit" should have been more vigiliant. Excercise some personal responsibility with your handout. OK. I can buy that. But no one can deny that the Administration did not intend the consequence of over-payments, especially in the obvious situations of people with two jobs or a multi-income household. It was a mistake. An oversight. These things happen when you waste 800 Billion dollars of borrowed money, without even reading the legislation authorizing it. BO is learning on the job. The buzz the left had from the kool aid is wearing off. Too bad all of us are stuck with the hangover.

How's about we all just pay our federal taxes to our state of residency. Corporate taxes, personal income taxes, the whole shebang, just pay it to your state. We're better off keeping our federal tax dollars at home, where we can decide how it will be spent. Shall we?

A non-issue that will be made into an issue.

Anyone who is surprised by this, or thinks it's AT ALL out of the ordinary, is really too stupid to vote.

NEWS FLASH, you fools, THE EXACT SAME THING happened in 2003 after the tax-advance checks were sent to taxpayers, but the next year, the money was collected in full rather than out of withholding, so just like now, you have a bunch of mouth-breathing morons whining about how they have to pay back the excess of what they were owed. It's amazing not only how stupid the average American voter is, but how pathetic their memories are that they think this is something "surprising," or even that it reflects on the government negatively. If anything, this shows a higher level of organization than that of the previous administration, which lacked the foresight to impose paybacks through withholding, instead letting the buffoons figure out what they owed when they filed their taxes. I guess the word "advance" is a bit too long for the average American to comprehend.

It's really amazing to see how stupid most of you people are, and yet, you're still so arrogant to think you, and your woefully uninformed opinions, should be taken seriously. There's nothing political here. There's nothing for you freaks to be "outraged" over except your own stupidity, ignorance and embellished sense of self-importance.

PLEASE GET A CLUE BEFORE YOU FURTHER RUIN OUR DEMOCRACY WITH YOUR STUPIDITY!!!!!!!

Obama, the great baloney slicer; oh, yes he did. I believe he should seriously look into opening a delicatessen. At least then he could claim he 'ran something'.

Springfield: "responsibility," "accountability," and even "conservative" are just really long words wage-slaves and other knuckle-draggers use to sound educated, when in reality, their "education" is limited to what they were conditioned to repeat by some talk-radio charlatan.

These people don't believe in anything they blather on about; but the sad fact is, the "average" "conservative" isn't smart enough to realize that they're being suckered. As long as they hear what they want to hear, and are provided with scapegoats rather than solutions, these pathetic people are happy.

It's not about improving things for these people; it's about simply having affirmation of their views and someone patting them on the back telling them, "it's alright to be stupid."

Wait a second, there was a tax cut in the stimulus package? You would never guess that by reading the comments here.

mb:No hope. No Change. Just more of the same until we take back our country from the special interest groups that funnel money to the pols (of both parties). Wake up people!

I am reading an excelllent book:
" Screwed:The Undeclared War Against The Middle Class" by Thom Hartmann

and he suggests the very same thing.

mb:No hope. No Change. Just more of the same until we take back our country from the special interest groups that funnel money to the pols (of both parties). Wake up people!

I am reading an excelllent book:
" Screwed:The Undeclared War Against The Middle Class" by Thom Hartmann

and he suggests the very same thing.

This isn't anything new. Same tax treatment resulted from Bush's checks. It's misleading and not news.

Posted by: Everyday American | November 17, 2009 4:17 PM

NEWS FLASH, you fools, THE EXACT SAME THING happened in 2003 after the tax-advance checks were sent to taxpayers, but the next year, the money was collected in full rather than out of withholding, so just like now, you have a bunch of mouth-breathing morons whining about how they have to pay back the excess of what they were owed. It's amazing not only how stupid the average American voter is, but how pathetic their memories are that they think this is something "surprising," or even that it reflects on the government negatively. If anything, this shows a higher level of organization than that of the previous administration, which lacked the foresight to impose paybacks through withholding, instead letting the buffoons figure out what they owed when they filed their taxes. I guess the word "advance" is a bit too long for the average American to comprehend.

______________________________

You forget one BIG point and its amazing you would not put that in your rant. At that time we were told up front and it was reported that way. This time it was not (read story). My CPA told me (this time) what was going on so I make an adjustment. For Team Obama and the IRS not to know says a lot about them and none of it good. Like I posted before is it time to start calling them "Dumb and Dumber", and can I add you to that.

Please get off your high horse and stop covering for them that is the MSM's job. Reported unemployment is already 10.2% (real numbers are near 19%) and you would not want to put them out of work now would you.

And that is another point was reported unemployment not to go above 8%? Team Obama words not mine.

Like I have always said: We are a nation run by over educated over paid idiots. Let me make this real simple Washington, keep your nose, your hand and you stupid ideas out of our lives.
Many people expecting a refund will see it cut. Those with a 2nd job will owe or get less back Brilliant.
Many tax payers are not rich and over paid like politica leaders Many people plan on getting a refund it covers a purchase, vacation, trip to visit mom. Now you know who thought they knew better than these people.
Washinton leave us alone. Wake up America it is time for a third party that has the people and Americas interest as the priority, instead of the party.

How can anyone posting on this bring up Bush? When anyone brings up something bad about Obama . You call them whiners but we had 8 years of you whining oh no im wrong only 3yrs because at first you were all behind Bush and the war. How can anyone take democrats seriously. They contradict themselves at every turn ... Example- "Fox news is bias" Yet so are cnn , msnbc, john stewart... ect. just for the Obama side... so democrats and people who want everything handed to them without earning it who believe in change (the wrong kind) Deal with the fact the people despise your president and everything he stands for. As for this tax credit thing seeing as the people didn't screw up they shouldn't have to pay it back.If I under charged someone in my business well I would have to eat that mistake . We taxpayers pay more than enough in taxes for all the welfare people and that is money we earned so I disagree with anyone saying it was an overpayment. Granted I'm not affected by this . I still feel maybe the government should take money away from the people who didn't earn it basicaly .....WELFARE