Obama Wants Your Tax Credit Back!

[Gordon Ray Kissinger]

Now Barack Obama Wants Your Tax Credit Back!


Remember those $400.00 and $800.00 tax credits Barack Obama gave you in his stimulus plan? And remember that $250.00 gift he gave social security recipients?

Well, Obama decided he wants that back too.

Yep! According to the IRS, Mr. Obama has never asked for an adjustment of the tax tables, so millions of Americans are going to get taxed for having received the tax credits back in February — typically through adjustments the federal government demanded businesses make in employees’ withholdings. (less was witheld by your employer, so now you will have to make up the difference on your tax return)


“While implementing a credit through reduced withholding is an effective way to provide economic stimulus evenly throughout the year, it is difficult to account for everyone’s circumstances,” said J. Russell George, the Treasury inspector general for tax administration. “More than 10 percent of all taxpayers who file individual tax returns for 2009 could owe additional taxes.”

The tax credit is also available for 2010. Russell said the problems will continue in 2010 if they are not resolved.


Oh and just one other thing.......if you bought a new car under the "Cash for Clunkers" program? That money is taxable as well. So get ready to pay through the nose for all of Obama's stimulus he gave you this year.



Thanks to Preston Miller for sharing the above information.