I don’t know about you, but this just makes me furious!
Most taxpayers qualify for a tax credit of up to $400 this year and next — $800 for married couples filing jointly.
But taxpayers won’t have to wait until they file their returns before they get their money. This benefit is being coordinated with employers, who are delivering the incentive by withholding less money from paychecks — to the tune of about $45 to $65 more per month for some people.
The credit, based on 6.2 percent of earned income, phases out for higher-income taxpayers.
To compensate for the reduced amount being withheld, employees will take a tax credit when filing 2009 and 2010 returns. So, even though less money is being taken out of paychecks, employees won’t owe more in taxes or get less of a refund.
Those Democrats are at it again! On top of this, incentive breaks for home and car buyers?! The sheer hubris! I’m outraged! SOCIALISM! Now where’s my angry sign…
Jason, I’m with you on this. I, like the TEA Partygoers, dont’ want to see our taxes increased and certainly don’t want future generations burdened by our present actions.
But as far as the trillions of dollars in bailout, it’s faulty thinking to assume that we’re just taking trillions of dollars, throwing it into a big pile, pouring gasoline on it and lighting it on fire. The money, as I understand it, is being reinvested into ourselves. Although the upfront cost is trillions of dollars, we should theoretically make a lot of that back, certainly where the government is investing in debt and corporations. It’s not like the government is buying trillions of dollars in stereos here.
On top of that, we’ve just seen the largest tax cut in history.
I don’t like the government buying into corporations and increasing taxes on rich people anymore than the next guy, but we shouldn’t predict that we’re doomed to realize the worst case scenario of the government’s actions, just like we shouldn’t assume everything is going to work perfectly. We’ll fall somewhere in between, this country will get along swimmingly, and everyone will continue to sleep well at night.