Obama and the IRS is to re-nig on the tax credit!

[doctordog]

INSIDE WASHINGTON: Taxpayers to get rude surprise
INSIDE WASHINGTON: Millions of couples, retirees may have to repay some of Obama tax credit
Stephen Ohlemacher, Associated Press Writer
On Thursday April 30, 2009, 6:55 pm EDT
Buzz up! Print WASHINGTON (AP) -- 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.

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.

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.

The Internal Revenue Service acknowledges problems with the withholding tables but has done little to warn average taxpayers.

"They need to get the Goodyear blimp out there on this," said Tom Ochsenschlager, vice president of taxation for the American Institute of Certified Public Accountants.

For many, the new tax tables will simply mean smaller-than-expected tax refunds next year, IRS spokesman Terry Lemons said. The average refund was nearly $2,700 this year.

But taxpayers who calculate their withholding so they get only small refunds could face an unwelcome tax bill next April, said Jackie Perlman, an analyst with the Tax Institute at H&R Block.

"They are going to get a surprise," she said.

Perlman's advice: check your federal withholding to make sure sufficient taxes are being taken out of your pay. If you are married and both spouses work, you might consider having taxes withheld at the higher rate for single filers. If you have multiple jobs, you might consider having extra taxes withheld by one of your employers. You can make that request with a Form W-4.

The IRS has a calculator on its Web site to help taxpayers figure withholding. So do many private tax preparers.

Obama has touted the tax credit as one of the big achievements of his first 100 days in office, boasting that 95 percent of working families will qualify in 2009 and 2010.

The credit pays workers 6.2 percent of their earned income, up to a maximum of $400 for individuals and $800 for married couples who file jointly. Individuals making more $95,000 and couples making more than $190,000 are ineligible.

The tax credit was designed to help boost the economy by getting more money to consumers in their regular paychecks. Employers were required to start using the new withholding tables by April 1.

The tables, however, don't take into account several common categories of taxpayers, experts said.

For example:

--A single worker with two jobs making $20,000 a year at each job will get a $400 boost in take-home pay at each of them, for a total of $800. That worker, however, is eligible for a maximum credit of $400, so the remaining $400 will have to be paid back at tax time -- either through a smaller refund or a payment to the IRS.

The IRS recognized there could be a similar problem for married couples if both spouses work, so it adjusted the withholding tables. The fix, however, was imperfect.

-- A married couple with a combined income of $50,000 is eligible for an $800 credit. However, if both spouses work and make more than $13,000, the new withholding tables give them each a $600 boost -- for a total of $1,200.

There were 33 million married couples in 2008 in which both spouses worked. That's 55 percent of all married couples, according to the Census Bureau.

-- A single college student with a part-time job making $10,000 would get a $400 boost in pay. However, if that student is claimed as a dependent on a parent's tax return, she doesn't qualify for the credit and would have to repay it when she files next year.

Some retirees face even bigger headaches.

The Social Security Administration is sending out $250 payments to more than 50 million retirees in May as part of the economic stimulus package. The payments will go to people who receive Social Security, Supplemental Security Income, railroad retirement benefits or veteran's disability benefits.

The payments are meant to provide a boost for people who don't qualify for the tax credit. However, they will go to retirees even if they have earned income and receive the credit. Those retirees will have the $250 payment deducted from their tax credit -- but not until they file their tax returns next year, long after the money may have been spent.

Retirees who have federal income taxes withheld from pension benefits also are getting an income boost as a result of the new withholding tables. However, pension benefits are not earned income, so they don't qualify for the tax credit. That money will have to paid back next year when tax returns are filed.

More than 20 million retirees and survivors receive payments from defined benefit pension plans, according to the Employee Benefit Research Institute. However, it is unclear how many have federal taxes withheld from their payments.

The American Federation of State, County and Municipal Employees union raised concerns about the effect of the tax credit on pension payments in a letter to Treasury Secretary Timothy Geithner in March.

Geithner responded that Treasury and IRS understood the concerns and were "exploring ways to mitigate that effect."

Rep. Dave Camp of Michigan, the top Republican on the tax-writing House Ways and Means Committee, said Geithner has yet to respond to concerns raised by committee members.

"So far we've got the, 'If we don't address this maybe it will go away' approach," Camp said.

IRS withholding calculator:

http://www.irs.gov/individuals/article/0,,id96196,00.html

http://finance.yahoo.com/news/INSIDE-WASHINGTON-Rude-apf-15091434.html?.v=1

[Cat slave]

Guess we had all better tuck the money from the government into a separate
bank account so we can write a check and give it back. Or can we just
refuse it? That didnt work for banks did it?

[GetAClue]

Guess we had all better tuck the money from the government into a separate
bank account so we can write a check and give it back. Or can we just
refuse it? That didnt work for banks did it?

You need to change your W-4 withholdings if you don't want to pay this back in April. This is what I have been talking about for the last couple of months. This was Obama's middle class tax cut. Just another way of attempting to buy future votes.

[Dale escondido]

Anyone thinking taxes might go down in any area under obama is foolish.
Put your seatbelts on ,the ride will get pretty wild under the" spend it admin".
They worry about getting it later.

[hdmarketing]

INSIDE WASHINGTON: Taxpayers to get rude surprise
INSIDE WASHINGTON: Millions of couples, retirees may have to repay some of Obama tax credit
Stephen Ohlemacher, Associated Press Writer
On Thursday April 30, 2009, 6:55 pm EDT
Buzz up! Print WASHINGTON (AP) -- 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.

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.

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.

The Internal Revenue Service acknowledges problems with the withholding tables but has done little to warn average taxpayers.

"They need to get the Goodyear blimp out there on this," said Tom Ochsenschlager, vice president of taxation for the American Institute of Certified Public Accountants.

For many, the new tax tables will simply mean smaller-than-expected tax refunds next year, IRS spokesman Terry Lemons said. The average refund was nearly $2,700 this year.

But taxpayers who calculate their withholding so they get only small refunds could face an unwelcome tax bill next April, said Jackie Perlman, an analyst with the Tax Institute at H&R Block.

"They are going to get a surprise," she said.

Perlman's advice: check your federal withholding to make sure sufficient taxes are being taken out of your pay. If you are married and both spouses work, you might consider having taxes withheld at the higher rate for single filers. If you have multiple jobs, you might consider having extra taxes withheld by one of your employers. You can make that request with a Form W-4.

The IRS has a calculator on its Web site to help taxpayers figure withholding. So do many private tax preparers.

Obama has touted the tax credit as one of the big achievements of his first 100 days in office, boasting that 95 percent of working families will qualify in 2009 and 2010.

The credit pays workers 6.2 percent of their earned income, up to a maximum of $400 for individuals and $800 for married couples who file jointly. Individuals making more $95,000 and couples making more than $190,000 are ineligible.

The tax credit was designed to help boost the economy by getting more money to consumers in their regular paychecks. Employers were required to start using the new withholding tables by April 1.

The tables, however, don't take into account several common categories of taxpayers, experts said.

For example:

--A single worker with two jobs making $20,000 a year at each job will get a $400 boost in take-home pay at each of them, for a total of $800. That worker, however, is eligible for a maximum credit of $400, so the remaining $400 will have to be paid back at tax time -- either through a smaller refund or a payment to the IRS.

The IRS recognized there could be a similar problem for married couples if both spouses work, so it adjusted the withholding tables. The fix, however, was imperfect.

-- A married couple with a combined income of $50,000 is eligible for an $800 credit. However, if both spouses work and make more than $13,000, the new withholding tables give them each a $600 boost -- for a total of $1,200.

There were 33 million married couples in 2008 in which both spouses worked. That's 55 percent of all married couples, according to the Census Bureau.

-- A single college student with a part-time job making $10,000 would get a $400 boost in pay. However, if that student is claimed as a dependent on a parent's tax return, she doesn't qualify for the credit and would have to repay it when she files next year.

Some retirees face even bigger headaches.

The Social Security Administration is sending out $250 payments to more than 50 million retirees in May as part of the economic stimulus package. The payments will go to people who receive Social Security, Supplemental Security Income, railroad retirement benefits or veteran's disability benefits.

The payments are meant to provide a boost for people who don't qualify for the tax credit. However, they will go to retirees even if they have earned income and receive the credit. Those retirees will have the $250 payment deducted from their tax credit -- but not until they file their tax returns next year, long after the money may have been spent.

Retirees who have federal income taxes withheld from pension benefits also are getting an income boost as a result of the new withholding tables. However, pension benefits are not earned income, so they don't qualify for the tax credit. That money will have to paid back next year when tax returns are filed.

More than 20 million retirees and survivors receive payments from defined benefit pension plans, according to the Employee Benefit Research Institute. However, it is unclear how many have federal taxes withheld from their payments.

The American Federation of State, County and Municipal Employees union raised concerns about the effect of the tax credit on pension payments in a letter to Treasury Secretary Timothy Geithner in March.

Geithner responded that Treasury and IRS understood the concerns and were "exploring ways to mitigate that effect."

Rep. Dave Camp of Michigan, the top Republican on the tax-writing House Ways and Means Committee, said Geithner has yet to respond to concerns raised by committee members.

"So far we've got the, 'If we don't address this maybe it will go away' approach," Camp said.

IRS withholding calculator:

http://www.irs.gov/individuals/article/0,,id96196,00.html

http://finance.yahoo.com/news/INSIDE-WASHINGTON-Rude-apf-15091434.html?.v=1

:lmao2:

I saw this and that was my reaction

:lmao2:

Fucking idiot gives a "Stimulus" so he can take the damn thing back with intrest!

You Obama puppets put there are clear idiots....

[doctordog]

Not one of the liberal freaks has come in here to defend the messiah:disbelief:

[hdmarketing]

Not one of the liberal freaks has come in here to defend the messiah:disbelief:


why of course not, they are all in the Obama bubble, floating and gloating.

He can do NOTHING wrong right now. They are all too busy patting themselves on the back on a job well done, and how good Obama is doing in only 100 days, yet the reality is that he has single handedly placed the biggest deficit in history on the country in less than 30 days!

They will wake up from the cool aid drunk and all will wonder what the hell happened.

What's really funny is they will try and find a way to blame Bush....

[WmbgJunkie]

Strange that all of the Obama haters on multiple discussion boards all sound the same, using terms like "messiah". Perhaps someone can post a link to the "talking points" sites so that people who are interested can read the original sources rather than the regurgitation of Limbaugh and Hannity screeds.

While I'm far from happy with the risks that have been taken, looking for alternatives from the Republicans hasbeen fruitless. All they seem to want are non-taxable refunds and tax cuts for the most wealthy and the newest ploy, privatizing Medicare which is the silliest yet since Medicare is very efficient and effective.

Issuing ad-hominem remarks against anyone who might be willing to let Obama do his job only results in Independents being repulsed by the lack of reasonable alternatives from the Republicans may be fun for those who call themselves but it's silly and rather juvenile. The increasing numbers of Independents control elections and Republicans push Independents towards Democrats.

I've voted for Reagan and GHWB, and supported McCain in 2000, registering as a Repubican in order to do so, and yet I've been clearly classified by everyone I've talked to from the "right" (which is too often wrong) as a Democrat (or worse). My ballots always contain votes for candidates with D's and R's.

So, "Republicans" (or whatever you call yourselves these days) keep crying and bitching and complaining and weeping and wailing and attacking. That seems to be much easier a task than actually thinking about the problems facing American and proposing logical (non-ideological) solutions. That will guarantee that Independents will continue to vote for Democrats rather than Republicans who only offer obstruction.

[bairdi]

Strange that all of the Obama haters on multiple discussion boards all sound the same, using terms like "messiah". Perhaps someone can post a link to the "talking points" sites so that people who are interested can read the original sources rather than the regurgitation of Limbaugh and Hannity screeds.

While I'm far from happy with the risks that have been taken, looking for alternatives from the Republicans hasbeen fruitless. All they seem to want are non-taxable refunds and tax cuts for the most wealthy and the newest ploy, privatizing Medicare which is the silliest yet since Medicare is very efficient and effective.

Issuing ad-hominem remarks against anyone who might be willing to let Obama do his job only results in Independents being repulsed by the lack of reasonable alternatives from the Republicans, because the increasing numbers of Independents control elections.

I've voted for Reagan and GHWB, and supported McCain in 2000, registering as a Repubican in order to do so, and yet I've been clearly classified by everyone I've talked to from the "right" (which is too often wrong) as a Democrat (or worse).

So, "Republicans" (or whatever you call yourselves these days) keep crying and bitching and complaining and weeping and wailing and attacking. That seems to be much easier a task than actually thinking about the problems facing American and proposing logical (non-ideological) solutions. That will guarantee that Independents will continue to vote for Democrats rather than Republicans who only offer obstruction.
This has to be one of the most intelligent statements I've see on this board for quite some time. Welcome to the forum WmbgJunkie.

[hdmarketing]

So, "Republicans" (or whatever you call yourselves these days) keep crying and bitching and complaining and weeping and wailing and attacking. That seems to be much easier a task than actually thinking about the problems facing American and proposing logical (non-ideological) solutions. That will guarantee that Independents will continue to vote for Democrats rather than Republicans who only offer obstruction.

Funny how you should spew such bull shit, that's all we heard from the "left" for the entire 8 years of Bush.

The very same thing you speak about in your foolish post.

Way can't you wake up and smell the coffee for what it really is?

It started with taxing the "rich" and now it's down to those that make 95k, and it's only been 100 days!

I lay you odds that by the time tax time is here, those in the 50k bracket will be hit with higher taxes.

I am an old man, and I kind of enjoy the relationship I have with my family DR. that I have had since my kids were babies, I really don't relish the thought of the Government telling me who I can see, what medications I can and can't have, and what treatments I can and can not have.

One thing that I am glad is that I have always taken good care of my body, and even at my age, I am in great health. guess that's the survivor in me, but the point is that I still see "MY" DR. on a regular basis, I don't want to see what ever DR. the Govt wants me to see.

I don't want to have to pay for those that are lazy bums and just hang out smoking dope all day, with signs in front of Wall Mart saying "Will Work For Food"!

You people did nothing but bitch about how Bush put us in a trillion dollar deficit, but you don't care that in the first 30 days of his admin Obama has quadrippled it.

What in the hell is wrong with you people?

Bitch about one parson, but it's okay when another person does it?

SHEESH...
:banghead:

[MintJulep]

Strange that all of the Obama haters on multiple discussion boards all sound the same, using terms like "messiah". Perhaps someone can post a link to the "talking points" sites so that people who are interested can read the original sources rather than the regurgitation of Limbaugh and Hannity screeds.

While I'm far from happy with the risks that have been taken, looking for alternatives from the Republicans hasbeen fruitless. All they seem to want are non-taxable refunds and tax cuts for the most wealthy and the newest ploy, privatizing Medicare which is the silliest yet since Medicare is very efficient and effective.

Issuing ad-hominem remarks against anyone who might be willing to let Obama do his job only results in Independents being repulsed by the lack of reasonable alternatives from the Republicans may be fun for those who call themselves but it's silly and rather juvenile. The increasing numbers of Independents control elections and Republicans push Independents towards Democrats.

I've voted for Reagan and GHWB, and supported McCain in 2000, registering as a Repubican in order to do so, and yet I've been clearly classified by everyone I've talked to from the "right" (which is too often wrong) as a Democrat (or worse). My ballots always contain votes for candidates with D's and R's.

So, "Republicans" (or whatever you call yourselves these days) keep crying and bitching and complaining and weeping and wailing and attacking. That seems to be much easier a task than actually thinking about the problems facing American and proposing logical (non-ideological) solutions. That will guarantee that Independents will continue to vote for Democrats rather than Republicans who only offer obstruction."Independent" only means someone who chooses not to identify which direction they lean when asked by an interviewer. The truth is, all "Independents" will fall closer to one category or another if pressed. Refusing to admit which direction does not make one "objective" and "non-partisan".

Honestly, I have more respect for someone who will say they're a straight-up communist than taking such a spineless stance.

[hdmarketing]

This has to be one of the most intelligent statements I've see on this board for quite some time. Welcome to the forum WmbgJunkie.


Coming from you that doesn't say much...:p

[hdmarketing]

Not one of the liberal freaks has come in here to defend the messiah:disbelief:

And still your post holds true, not one person has been able to come in here and say anything about this.

Only one person took a stab at it, and that person wasn't even close.:lmao2:

Another person stated how impressed they were with the statement made:lmao2:

Typical left loonies, patting eachother on the back.:D

[bairdi]

And still your post holds true, not one person has been able to come in here and say anything about this.

Only one person took a stab at it, and that person wasn't even close.:lmao2:

Another person stated how impressed they were with the statement made:lmao2:

Typical left loonies, patting eachother on the back.:D
What is there to defend? Some psycho rantings by you morons that Obama and the IRS are going to "re-nig" on the tax credit because someone doesn't have enough withheld from his paycheck and has to pay the difference? You people are nuts. I sent in a check to the IRS for an additional $1,600 for the tax year 2008. Does that mean that Bush "re-nigged" on his tax cut because I didn't have enough tax withheld?

[hdmarketing]

What is there to defend? Some psycho rantings by you morons that Obama and the IRS are going to "re-nig" on the tax credit because someone doesn't have enough withheld from his paycheck and has to pay the difference? You people are nuts. I sent in a check to the IRS for an additional $1,600 for the tax year 2008. Does that mean that Bush "re-nigged" on his tax cut because I didn't have enough tax withheld?

Exactly the point, Why should I have to have more money withheld? I have NEVER had to have more money withheld in the past, so why now?????

Why should I have to give more money in taxes now?????

The whole point being is that Obama said he was going to give a stimumus, and he didn't. He FUCKING LIED!!!!!:talktothehand:

[bairdi]

Exactly the point, Why should I have to have more money withheld? I have NEVER had to have more money withheld in the past, so why now?????

Why should I have to give more money in taxes now?????

The whole point being is that Obama said he was going to give a stimumus, and he didn't. He FUCKING LIED!!!!!:talktothehand:
If you fall within the brackets that are receiving a tax cut, then you will pay less in taxes this year than last. That's a fact jack.

[hdmarketing]

If you fall within the brackets that are receiving a tax cut, then you will pay less in taxes this year than last. That's a fact jack.

Another point, That bracket is a very small bracket, and That's a fact jack.
:bowdown:OBAMA

[Hog Trash]

Anyone thinking taxes might go down in any area under obama is foolish.
Put your seatbelts on ,the ride will get pretty wild under the" spend it admin".
They worry about getting it later.It's absolutely amazing that people are so gullible to believe that the government can create such a monstrous debt and lower taxes!...It's as if people have completely lost all common sense.

[mwillman]

One can lower taxes in one area and raise then in another. Thats right the rich are going to have to pay their fair share.

What amazes me is how you care so much about taxes and so little about anything else.

[Cat slave]

"Independent" only means someone who chooses not to identify which direction they lean when asked by an interviewer. The truth is, all "Independents" will fall closer to one category or another if pressed. Refusing to admit which direction does not make one "objective" and "non-partisan".

Honestly, I have more respect for someone who will say they're a straight-up communist than taking such a spineless stance.


I consider myself an independent conservative, meaning that I wont cling to
party lines and insist on evaluating each issue myself. I do lean to the conservative side but can no longer call myself a Pub. Theyve become too
much like the libruls. Yuck!!!!!:banghead:

[Cat slave]

It's absolutely amazing that people are so gullible to believe that the government can create such a monstrous debt and lower taxes!...It's as if people have completely lost all common sense.

Blinded fools who cannot think for themselves will follow the herd no matter
where it goes and believe anything the chosen one says.

OMG, arent we glad we arent like that? Ewwwwwww!

My mom never let us drink Kool Aide, she said it was bad for us..she was right.

[Hog Trash]

One can lower taxes in one area and raise then in another. Thats right the rich are going to have to pay their fair share.

What amazes me is how you care so much about taxes and so little about anything else.Wrong!...To pay off a debt of this magnitude, they not only must raise taxes in every area but create new taxes as well.

Hey wait a minute, we haven't even factored in free health care and a free college education for every child.

Oh yea, and what about those 12 to 20 million new low wage, non-tax paying illegals who Obama will soon grant amnesty.

They in turn will be permitted to bring their immidiate families to America and all will be added to our free social programs.

You gullible moron!

[Cat slave]

Enter the new America...elites at the top, worker bees at the bottom with
barely enough income to survive at the lowest level of poverty....oh, but
health care will be free...from your assigned sector in a white van with
a hammer and sickle on the side instead of a red cross...but itll be free!

IDIOTS!

[Life_Long_Dem!]

INSIDE WASHINGTON: Taxpayers to get rude surprise
INSIDE WASHINGTON: Millions of couples, retirees may have to repay some of Obama tax credit
Stephen Ohlemacher, Associated Press Writer
On Thursday April 30, 2009, 6:55 pm EDT
Buzz up! Print WASHINGTON (AP) -- 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.


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.

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.

The Internal Revenue Service acknowledges problems with the withholding tables but has done little to warn average taxpayers.

"They need to get the Goodyear blimp out there on this," said Tom Ochsenschlager, vice president of taxation for the American Institute of Certified Public Accountants.

For many, the new tax tables will simply mean smaller-than-expected tax refunds next year, IRS spokesman Terry Lemons said. The average refund was nearly $2,700 this year.

But taxpayers who calculate their withholding so they get only small refunds could face an unwelcome tax bill next April, said Jackie Perlman, an analyst with the Tax Institute at H&R Block.

"They are going to get a surprise," she said.

Perlman's advice: check your federal withholding to make sure sufficient taxes are being taken out of your pay. If you are married and both spouses work, you might consider having taxes withheld at the higher rate for single filers. If you have multiple jobs, you might consider having extra taxes withheld by one of your employers. You can make that request with a Form W-4.

The IRS has a calculator on its Web site to help taxpayers figure withholding. So do many private tax preparers.

Obama has touted the tax credit as one of the big achievements of his first 100 days in office, boasting that 95 percent of working families will qualify in 2009 and 2010.

The credit pays workers 6.2 percent of their earned income, up to a maximum of $400 for individuals and $800 for married couples who file jointly. Individuals making more $95,000 and couples making more than $190,000 are ineligible.

The tax credit was designed to help boost the economy by getting more money to consumers in their regular paychecks. Employers were required to start using the new withholding tables by April 1.

The tables, however, don't take into account several common categories of taxpayers, experts said.

For example:

--A single worker with two jobs making $20,000 a year at each job will get a $400 boost in take-home pay at each of them, for a total of $800. That worker, however, is eligible for a maximum credit of $400, so the remaining $400 will have to be paid back at tax time -- either through a smaller refund or a payment to the IRS.

The IRS recognized there could be a similar problem for married couples if both spouses work, so it adjusted the withholding tables. The fix, however, was imperfect.

-- A married couple with a combined income of $50,000 is eligible for an $800 credit. However, if both spouses work and make more than $13,000, the new withholding tables give them each a $600 boost -- for a total of $1,200.

There were 33 million married couples in 2008 in which both spouses worked. That's 55 percent of all married couples, according to the Census Bureau.

-- A single college student with a part-time job making $10,000 would get a $400 boost in pay. However, if that student is claimed as a dependent on a parent's tax return, she doesn't qualify for the credit and would have to repay it when she files next year.

Some retirees face even bigger headaches.

The Social Security Administration is sending out $250 payments to more than 50 million retirees in May as part of the economic stimulus package. The payments will go to people who receive Social Security, Supplemental Security Income, railroad retirement benefits or veteran's disability benefits.

The payments are meant to provide a boost for people who don't qualify for the tax credit. However, they will go to retirees even if they have earned income and receive the credit. Those retirees will have the $250 payment deducted from their tax credit -- but not until they file their tax returns next year, long after the money may have been spent.

Retirees who have federal income taxes withheld from pension benefits also are getting an income boost as a result of the new withholding tables. However, pension benefits are not earned income, so they don't qualify for the tax credit. That money will have to paid back next year when tax returns are filed.

More than 20 million retirees and survivors receive payments from defined benefit pension plans, according to the Employee Benefit Research Institute. However, it is unclear how many have federal taxes withheld from their payments.

The American Federation of State, County and Municipal Employees union raised concerns about the effect of the tax credit on pension payments in a letter to Treasury Secretary Timothy Geithner in March.

Geithner responded that Treasury and IRS understood the concerns and were "exploring ways to mitigate that effect."

Rep. Dave Camp of Michigan, the top Republican on the tax-writing House Ways and Means Committee, said Geithner has yet to respond to concerns raised by committee members.

"So far we've got the, 'If we don't address this maybe it will go away' approach," Camp said.

IRS withholding calculator:

http://www.irs.gov/individuals/article/0,,id96196,00.html

http://finance.yahoo.com/news/INSIDE-WASHINGTON-Rude-apf-15091434.html?.v=1
I KNOW! that is what I am pissed as fuck about, I told my boss at my job to tell the payroll guy to just go back to normal tax withholding from before this bullspit took effect.

[GetAClue]

One can lower taxes in one area and raise then in another. Thats right the rich are going to have to pay their fair share.

What amazes me is how you care so much about taxes and so little about anything else.

I believed I asked this in another thread but I will repeat it. What is "Fair" in your mind? And their "fair share" of taxes according to whom? Is it not enough that the top 5% of wage earners in this country pay 90% of all income taxes? Should they still pay more?

I am not adovating for the rich but just want others to see the lunacy of this arguement. Liberals are all about trying to make things fair until in comes to actually being productive. Fair would be requiring those that receive tax dollars from the producers to actually work for that which others have sacrificed.

I don't really expect an intelligent response from any liberals on this, but thought I would throw it out there anyway.

[GetAClue]

What is there to defend? Some psycho rantings by you morons that Obama and the IRS are going to "re-nig" on the tax credit because someone doesn't have enough withheld from his paycheck and has to pay the difference? You people are nuts. I sent in a check to the IRS for an additional $1,600 for the tax year 2008. Does that mean that Bush "re-nigged" on his tax cut because I didn't have enough tax withheld?

The point is that Obama is out there claiming that 95% of Americans will get a tax cut. In reality, we are only getting a change in the withholding tables. We didn't need an act of Congress and a President to achieve that. I could have done that myself by changing my W4. This is a very disingenuous attempt by this president to appeal to the working class. But it is right up his ally in appealing to his base, you know the ones that sit at home and live off of the Government.