Tax Cuts, Er Uhh, Maybe not

reefraff

reefraff

Active Member
So the grand Obus and his team decided that it would stimulate the economy by giving us a "tax cut" back in april. It meant the average working couple would have an extra 13.00 a week to stimulate the economy. But Oops!!! Now it turns out come April working couples and Social Security recipients will have to pay back a large portion of those cuts because the IRS messed up on their compilations of how much less withholding to take weekly. I wonder how taking back up to 400.00 all at one will affect consumer spending as apposed to giving out an extra 13 bux a week
Ain't America grand
 
meowzer

meowzer

Moderator
When I enetered the new tax charts in my payroll program....i knew there was going to be a problem....I decided to hold out a little extra....JIC....I hope I did enough
 
spanko

spanko

Active Member
Doesn't matter Meow, the Bush tax cuts are due to expire and there will be a whole new round of "tax tables" to enter.
 
meowzer

meowzer

Moderator
Originally Posted by spanko
http:///forum/post/3173389
Doesn't matter Meow, the Bush tax cuts are due to expire and there will be a whole new round of "tax tables" to enter.
I have to enter new tables every year anyway.....

this stuff stinks
 
S

shrimpy brains

Guest
Originally Posted by reefraff
http:///forum/post/3173264
So the grand Obus and his team decided that it would stimulate the economy by giving us a "tax cut" back in april. It meant the average working couple would have an extra 13.00 a week to stimulate the economy. But Oops!!! Now it turns out come April working couples and Social Security recipients will have to pay back a large portion of those cuts because the IRS messed up on their compilations of how much less withholding to take weekly. I wonder how taking back up to 400.00 all at one will affect consumer spending as apposed to giving out an extra 13 bux a week
Ain't America grand

Yea, somehow my boss knew we would have to pay it back. It was designed that way from the beginning. I talked to an accountant to confirm and opted not to take it.
You are right though, it's a big stinking pile of.............!!!
 
reefraff

reefraff

Active Member
I am on Social security and the wife works, plus I make a decent amount from stock trading. I am going to get slammed no matter what. This will just be a cherry on top of the crap sunday.
 
cranberry

cranberry

Active Member
Okay. What!! They messed up and now people are going to have to come up with a lump sum to pay it back? There's no option to pay it back like it was paid out? When do we get to have a say in any of this?
 
S

shrimpy brains

Guest
Not a mistake! They designed it this way from the beginning. It was "supposed to stimulate the economy" by allowing folks to have a few extra bucks to spend throughout the year. Most people won't even know they paid it back as it will just be a smaller return, but the people who have to pay already will definitely feel it.
Another way our government makes us feel they are looking out for us and then.............................well you've all felt ummm..what they do!!!
 
reefraff

reefraff

Active Member
This is why I am a conservative. Any time you are dealing with a megapoly where the people running the system don't have any skin in the game this stuff can and usually does happen.
 
sickboy

sickboy

Active Member
Originally Posted by reefraff
http:///forum/post/3173264
So the grand Obus and his team decided that it would stimulate the economy by giving us a "tax cut" back in april. It meant the average working couple would have an extra 13.00 a week to stimulate the economy. But Oops!!! Now it turns out come April working couples and Social Security recipients will have to pay back a large portion of those cuts because the IRS messed up on their compilations of how much less withholding to take weekly. I wonder how taking back up to 400.00 all at one will affect consumer spending as apposed to giving out an extra 13 bux a week
Ain't America grand

You're just now bringing this up? I checked our withholding when it was initiated...
 
reefraff

reefraff

Active Member
Originally Posted by sickboy
http:///forum/post/3173565
You're just now bringing this up? I checked our withholding when it was initiated...
This isn't the way it was intended to happen. It really was supposed to be a tax reduction for the year. They just blew the compilation of it. I purposely end up owing money every year but I keep it to the point where I don't end up getting hit with the underpayment penalty, this is going the mess that up I think. It isn't worth the hassle of trying to screw with the wife's withholding levels at this point. I will just have to get a little more creative come april
 
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