And you thought the government was not out to screw you. According to a research report released by the Treasury Department's Inspector General for Tax Administration, over 15 million people may own [sic] $250 (and in same cases more than $400) on the tax "credit" received earlier in the year, purely as a function of how the tax break was set up by the IRS. The payment will come as either a smaller tax refund or larger tax bill. As a reminder, Obama's tax break earlier in 2009 (first of many) provided individuals up to $400 and couples up to $800 in one-time benefits. It turns out that money may now have to be repaid. And as the credit impacted 95% of all wage earners, the number of people impacted is estimated at about 15.4 million. But at least it got these 15.4 million soon to be angry taxpayers to consumer a little more than they otherwise would in Q2. And now, it is time for another "one-time" jolt to the system. [emphasis added]
The breakdown of those impact is as follows:* More than 6.3 million pensioners
* More than 1.6 million working dependents
* More than 2.5 million single taxpayers
* More than 4.1 million taxpayers filing jointly
* More than 687,000 Social Security recipients
* More than 87,000 taxpayers filing returns with ITINs
Doh! Read the rest here. Apparently, Obama and the Dems can't even give away other people's money without finding a way to take it back from them again.
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