I just got finished doing my taxes for the year. While doing them I found out about a generous tax credit that was provided to me from President Obama. $800.00 to be exact. I was very excited to find out about this until I found out the deatils of this tax credit.
You see, usually the tax credit comes in the form of a check. No matter what happens during tax season getting an unexpected check is always a great pick me up. This tax credit however is a bit different. Instead of sending a check they simply took less money out of my paycheck for taxes in the amount of $800.00.
Now for those of us who have the maximum amount taken out of each paycheck so we don’t have to pay or at least pay less, tough luck. In most cases your government has decided to ignore that fact and take out less. If you have noticed that you are paying more than usual or having to pay taxes for the first time, that’s the reason.
I actually had no idea about any of this until I started my taxes. President Obama, the next time you want to do me the favor of adjusting my withholdings…don’t.
Ah, the so-called lower taxes. Doesn’t help much to get a little more money with each paycheck if you just have to pay it all back later. Nice job, government.