Glorious Leader screamed from the mountain that an unprecedented 95% of Americans will receive a tax credit because, well, he hath proclaimed it so. Well, they DID do it. They passed trillions of dollars in spending and smiled for the cameras as they said Told You So.
Unfortunately, they forgot to mention that a large number of people who got this tax credit will have to return much of it next year. You cannot make this stupidity up.
From the AP, an Obama-favoring group:
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.
Lovely, is it not. As I explained in 100 Days of Night, these are the things happening out of sight, off camera. These are the happenings that scare the daylights out of me.
The revolution is at hand. Will you be a leader or a follower?