A Tax Cut for 95% of Taxpayers – or Not

Enjoying that little extra in your paycheck from President Obama’s “Making Work Pay” tax credit? You might want to think about saving it instead of spending it.

According to the new tax withholding tables from the IRS, you’ll probably have to give it back when you file your 2009 taxes.

Married couples with both spouses working, any person with more than one job, retirees and social security recipients with jobs are all likely to be on the hook to give some or all of Obama’s “generous” tax credit back.

So Obama gets to say he kept a campaign promise by cutting taxes for 95% of taxpayers but the government doesn’t lose anything because the IRS will claw it back at the end of the year. Maybe I’m becoming too cynical but it all seems rather too convenient to me.

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