So, you got a little bit of money on your tax return? Did that extra stimulus money help you out? Do not get excited. Apparently, the IRS has a little surprise instore for you next tax season. Retirees, disabled veterans, people drawing disability pension, all recieved extra money as "pension" to assist in these dire economic times. Surprising enough, accourding to a loophole, the way the IRS withholding calculator calculates, nearly all of you will pay that "stimulus" check back in its entirety, next tax season. Of course, the IRS is not telling people about this as readily as they should.
Republican Dave Camp, of Michigan, has been attempting to get answers since this debacle has started. Dave Camp is the top Republican on the tax-writing House Ways and Means Committee. Apparently, Treasury Secretary Timothy Geithner, has yet to respond to concerns raised by committee members.
"So far we've got the, 'If we don't address this maybe it will go away' approach," Camp said.
Seems to be the approach to everything the government has been dealing with. From the failing education system to the toxic global economy... After all, the politicians can AFFORD to sit back and wait for things to get better. Of course, it's coming out of OUR pockets.
So, in conclusion, think of your stimulus check as a loan you signed for, without knowing it was a loan. I find it amazing we let them get away with this... Click here for all the details