Friday, May 1, 2009

Obamanomics 101: Here's a tax credit - now give it back.

This administration is actually getting to the point where I'm getting huge laughs every day. You can't make up the kinds of scams that are being run on the American people. Yet in grand Dickensian fashion the Obama supporters say "More, please..."

Here's your tax credit -poof- oops it's gone. In fact, send it back next year and if somehow you didn't notice that you didn't estimate your taxes enough - expect a penalty, with interest 1.5%. A six times higher rate than you get by keeping that money in a passbook savings account .

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.

Not too "stimulating" an effect I would say.

The refunds and better tax rates for familiers under $190,000 stop at the end of next year anyway and then it will be time to ramp up the tax tables to pay for this Spring's Spendulus Fling.

No comments: