The Obama administraton, which is hell-bent on increasing the size of government, is not interested in cutting taxes--the time-proven way to reinvigorate the economy. See "Reagan, Ronald." What the government giveth, the government taketh. At least under President Obama, as the Contra Costa Times informs us:
That little extra bit of money in the form of a larger paycheck tied to the Obama stimulus plan could end up taking a bite out of your federal income tax refund or even leave you owing taxes, say observers.
The stimulus plan lowered federal income tax withholding rates, which results in more take-home pay but less money going toward taxes. The downside is some taxpayers may end up with not enough taxes being withheld to cover what they owe in 2009/
And next spring, when millions of Americans figure out that they owe more in taxes than what they had anticipated, how will that effect the economy?
Technorati tags:
news 
politics news 
economy 
Barack Obama 
Obama 
government 
arra
No comments:
Post a Comment