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November 16, 2009

Competence! Obama's Fake Tax Cut To Result In Tax Increase For Some

Obama ran around claiming to be a big time tax cutter because of his $400/person "Making Work Pay" scheme. At the time, some smart blogs pointed out this was nothing more than a scam.

Well, the withholding chickens are coming home to roost.

The Making Work Pay tax credit, offered as a wage advance, may have been incorrectly administered to more than 15.4 million workers, according to a report released Monday morning by the Treasury Department's Inspector General for Tax Administration.

Consequently, a large swath of recipients could find themselves forced to return most -- if not all -- of their Making Work Pay credit, and others could discover they also owe tax penalties, the Treasury Department's inspector general warned.

...What makes the refundable credit particularly unique -- albeit difficult for the Internal Revenue Service to implement -- is its method of payment: The money was advanced to taxpayers throughout the year, but workers were required to claim it only much later on their tax returns, according to the report.

What's really scary is Obama commissioned a panel headed by former Fed Chair Paul Volcker to examine ways to reform the tax code. As much as that's needed this is clearly not the crew to put in charge of it.

Fortunately, they may not be making much headway.


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posted by DrewM. at 11:35 AM

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