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Friday, February 27, 2009

That $13/Week "Tax Credit" is Not a Tax Cut

Beginning April 1, employers are going to be withholding approximately $13/week less for many Americans. This is what Obama and the Dems proclaimed as the great "tax cut."

But here is the fine print - unfortunately, I have not been able to find any articles about it online. According to tax preparers, the tax tables have not changed and thus the $13/week is still due and payable to the U.S. government come tax time in 2010. So assuming this is true and I have no reason to doubt the tax professionals, even this $13/week is simply allowing Americans to hold on to this money a little longer. The dirty little secret is that even this is not a tax cut. There are no tax cuts.