Posted on 02/25/2009 3:44:09 AM PST by Liberty Ship
In his weekly address on Saturday, Obama said: "And I'm pleased to announce that this morning, the Treasury Department began directing employers to reduce the amount of taxes withheld from paychecks -- meaning that by April 1st, a typical family will begin taking home at least $65 more every month."
I'm just wondering. Has a schedule been released? Does this mean that money will be added to the checks of employees who don't pay income tax? Where does that cash come from? Have any employers received their direction from the Treasury Department? I would like to see a copy of the directive.
But the main thing is how in the world can the payroll software of every company in the United States be updated with the appropriate information in order to make payroll in less than 5 weeks? This requires changes to SAP HR systems, Quickbooks, and who knows how many other systems. I don't see how this can be done on Obama's schedule. I think it's another case of people who have never done anything outside the bureaucracy issuing orders without having a clue!
This is when Peachtree releases an automatc update. It gets installed and is an automatic change in payroll witholding....
If past performance can be used as an indicator,
the private sector will probably do just fine.
It’s the IRS that will screw things up.
Bigger question, are the tax laws in place for a reduction of 2009 personal income taxes? Or are they just calculating what the average taxpayer gets back in refunds each year?
I’m just wondering if anyone at home who thought (as many I have talked to thought it was going to be a check “like George Bush sent us”) “$65??? Did he say we were going to get $65??? And they gave the bankers billions??”
Or did the Ozombies sit at home nodding their head and say “YAYYYY We get $65 more on our paycheck! Oh wait, I don’t get a paycheck!”
$65 per month.
That’s $585 for this year (only 9 months left on 4/1 when the withholding change happens).
If someone currently has just enough taken out, that means that 4/15/2010 he will have a $585 bill. Besides having to come up with $585 in one lump (which my daughter could never do), if the tax bill is less than $5850 then there’s a fine to be paid for insufficient withholding.
It looks like evil business community will be back stopping the Garbagulus bill.
Who is John Galt?
And, won’t this * tax cut * (kawf) put most people in a higher tax bracket next year?
Will somebody please explain this facination with Ayn Rand/Atlas shrugged?
Exactly. People are still going to end up owing it at the end of the year. Can’t wait to see the ones who spend the money then can’t pay their tax bill at the end of the year. I guess we will need another bailout to help those unfortunate souls.
Sounds like slight of hand. The IRS takes a little less out each payday, but does that mean your overall tax owed is reduced by the same amount? If not, we may be hit in April 2010 with a extra payment back to the IRS we never had before.
This is vile!!
The bill will come due in April 2010 when people learn there will be no refund and many will actually have to pay.
There are going to be some surprises on april 1st for some select groups. Smokers are going to take a major tax hit on the 1st.
A lot of KOOLS smokers are going to find that the tax break on taxes they don’t pay is going to ammount to better than 65 cents per pack extra.
Thank you. That answers a lot of my questions. It looks like they were posted to the IRS site on 2/18 and the “notification to employers” will, effectively, be these forms mailed out to employers in March. So, it’s just a question of software companies issuing updates in time for April 1.
Wow, there is a lot of cost involved in implementing this!
I finally know who John Galt is! He’s the guy who should have made the response to Obama last night instead of Bobby!
Read Atlas Shrugged, an excellent explanation of what is going on right now - California is a good example - and you'll understand what a profound understanding of the evils of collectivism are and how those ideas destroy freedom and society.
65 divided by 4 weeks=16.25 per week...
Well I see it’s up 3.25 per week from the extra 13 dollars per week they were promising to let us keep. (3.25= 1 gallon of milk, or two loaves of bread...two cartons of grade aa large eggs or 1.7 gallons of gas ect)
Our future sure looks like it’s on the up and up...(sarcasm)
I already understand and didn’t need a work of fiction to explain it to me.
Maybe some do?
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