And remember the ‘tax cut’ right after O’bama took office? It wasn’t a tax cut, it was a reduction of tax withholding. I wonder how Zippy’s useful idiots will explain that one come April 15.
It is a tax cut. Check line 63 on the 2009 Form 1040 and Schedule M it refers to.
http://www.irs.gov/pub/irs-pdf/f1040.pdf?portlet=3
http://www.irs.gov/pub/irs-pdf/f1040sm.pdf
It's a nightmare of paperwork for the money to make sure the "wrong" people don't get it, but the typical worker will get his taxes reduced by $400 for 2009. The withholding tables were adjusted to reduce the typical taxpayer's withholding by that $400 over the last 2/3 (?) of the year since the credit was passed.
There was recently a flurry of articles about workers with more than one job having their withholding reduced to cover that $400 on each job, thus under withholding in total.