Now that the W-2 forms are beginning to roll in some are wondering how they are going to pay the IRS the money that the Obama 2009 Recovery Act allowed them to keep.
The 2009 Obama-Democrat Recovery Act cut the federal withholding on most payrolls in an attempt to stimulate the economy. Most folks are in for a very rude awakening in the next few days, weeks and months. For the most part everyone will need to pay the piper on April 15th.
Be forewarned. You might as well get the supply of Tums ready. Your going to have a major case of heartburn and associated gas.
Let's see how the White House and the Democrats try to blame this on the new Republican House.
Before you go off half cocked you might want to visit the following Obama websites and get the story straight from the "Big Hoss".
The American Recovery and Reinvestment Act of 2009: Information Centerhttp://www.irs.gov/newsroom/article/0,,i..."Make sure enough tax is withheld from your pay with the help of the IRS withholding calculator."
Track the Money - Recovery.Govhttp://www.recovery.gov/About/Pages/The_..."On Feb. 13, 2009, Congress passed the American Recovery and Reinvestment Act of 2009 at the urging of President Obama, who signed it into law four days later. A direct response to the economic crisis, the Recovery Act has three immediate goals:Create new jobs and save existing ones
Spur economic activity and invest in long-term growth
Foster unprecedented levels of accountability and transparency in government spending"
Read the fine print on the recovery.gov site.
"Providing $288 billion in tax cuts and benefits for millions of working families and businesses "
What Obama and his Pelosi/Reid Democrats didn't tell you is that you will need to pay the tax in 2010 when your bill comes due.
Don't think so. Come back and argue after April 15th.
Just don't come back blaming the Republicans for your 2010 tax bill.