Thursday, January 7, 2010

Wasn't That a Raise?

Remember back to the presidential campaign, to BO's promise that 95% of all Americans would be getting a tax cut. Or, the other promise that everyone who makes less than $250,000 will get a tax cut. Did you wonder whatever happened to your tax cut?

You must also look back to last spring for your answer. You may recall that the payroll withholding tables were adjusted to allow an additional $8 per week in your paychecks. BO took credit for that tremendous boost in the economy as the keeping of his promise to give all of us a tax cut.

At the time, I warned that you should not get too excited as whatever you gained on a weekly basis would be required to be paid back at the end of the year. Adjusting the withholding tables does not change the IRS tax tables. So, now the reaper is calling and wants your temporary gain back.

If you are not convinced that this is accurate, you may want to pay attention to your radio. I just heard a new commercial for It was a warning to us that we need to go to our employer and have our withholding adjusted to make up for the reduced withholding from BO's great plan from last spring. It stated that if we do not, we will be faced with a higher tax bill or lower refund at the end of this year. The other voice asked, "Wasn't that a raise?" The answer was, no.

The government is admitting that BO lied, that there was no tax reduction as he promised.

1 comment:

  1. I guess with all the emphasis put on other things lately, I kind of forgot that he'd ever mentioned that. But, you're right- he made that a huge part of his campaign. I'm not surprised.