NEW YORK (CNNMoney.com) -- Are you ready to give up $30 a month?
That's what may come out of your paycheck if -- as expected -- the Making Work Pay tax credit expires at the end of the year.
The credit was enacted last year as part of the Recovery Act to put more cash in people's pockets. For the past two years, it has boosted paychecks by up to $400 for single filers and $800 for joint filers by reducing the tax withheld and giving a credit for that amount. That's $33 or $67 a month.
Single taxpayers who make $75,000 or less and couples earning under $150,000 are eligible for the full credit, while higher earners can receive partial credit. More than 90% of working Americans have been helped by the tax break.
Now they will feel the pain when the credit goes away.
GO HERE to read more.
4 comments:
So Obama actually gave us a larger tax break than Bush.
Obama and those darn tax cuts at it again. Wait, I thought Obama raised all our taxes.
It was NOT a tax break. They only reduced the amount they took out of your check each week. You still owed the same amount at the end of the year. Many were left in April to pay more or got back less then usual.
What paycheck?
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