Well actually I didn't, I only paid for less than half. I saw a little blip on the news this AM about the First Lady buying a new pair of sneakers for $540.00 At the time it was just Blah, Who cares, must be a slow news day, and then I found this in my local paper.
"""The Social Security Administration is sending out $250 payments to more than 50 million retirees in May as part of the economic stimulus package. The payments will go to people who receive Social Security, Supplemental Security Income, railroad retirement benefits or veteran's disability benefits.
The payments are meant to provide a boost for people who don't qualify for the tax credit. However, they will go to retirees even if they have earned income and receive the credit. Those retirees will have the $250 payment deducted from their tax credit -- but not until they file their tax returns next year, long after the money may have been spent.
Retirees who have federal income taxes withheld from pension benefits also are getting an income boost as a result of the new withholding tables. However, pension benefits are not earned income, so they don't qualify for the tax credit. That money will have to paid back next year when tax returns are filed.
[[More than 20 million retirees and survivors receive payments from defined benefit pension plans, according to the Employee Benefits Research Institute. However, it is unclear how many have federal taxes withheld from their payments.
The American Federation of State, County and Municipal Employees union raised concerns about the effect of the tax credit on pension payments in a letter to Treasury Secretary Timothy Geithner in March.
Geithner responded that Treasury and IRS understood the concerns and were "exploring ways to mitigate that effect."
Rep. Dave Camp of Michigan, the top Republican on the tax-writing House Ways and Means Committee, said 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."""]]
What I want to know is, where are the 95% of taxpayers who got a tax break. I just barely squeak by with my Social Security check and a little bit of extra income that I get from chick sales, etc. I thougt perhaps that I would just not cash the $250.00 check when I got it so I would not have to pay it back next year, but it was just pointed out that it wouldn't matter I would still have to repay it. I feel really deceived. Senior citizens were promised in the campaign that if we earned less than $50,000 a year we would pay no taxes. That didn't happen and now this. I for one, am suffering from buyer remorse.
"""The Social Security Administration is sending out $250 payments to more than 50 million retirees in May as part of the economic stimulus package. The payments will go to people who receive Social Security, Supplemental Security Income, railroad retirement benefits or veteran's disability benefits.
The payments are meant to provide a boost for people who don't qualify for the tax credit. However, they will go to retirees even if they have earned income and receive the credit. Those retirees will have the $250 payment deducted from their tax credit -- but not until they file their tax returns next year, long after the money may have been spent.
Retirees who have federal income taxes withheld from pension benefits also are getting an income boost as a result of the new withholding tables. However, pension benefits are not earned income, so they don't qualify for the tax credit. That money will have to paid back next year when tax returns are filed.
[[More than 20 million retirees and survivors receive payments from defined benefit pension plans, according to the Employee Benefits Research Institute. However, it is unclear how many have federal taxes withheld from their payments.
The American Federation of State, County and Municipal Employees union raised concerns about the effect of the tax credit on pension payments in a letter to Treasury Secretary Timothy Geithner in March.
Geithner responded that Treasury and IRS understood the concerns and were "exploring ways to mitigate that effect."
Rep. Dave Camp of Michigan, the top Republican on the tax-writing House Ways and Means Committee, said 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."""]]
What I want to know is, where are the 95% of taxpayers who got a tax break. I just barely squeak by with my Social Security check and a little bit of extra income that I get from chick sales, etc. I thougt perhaps that I would just not cash the $250.00 check when I got it so I would not have to pay it back next year, but it was just pointed out that it wouldn't matter I would still have to repay it. I feel really deceived. Senior citizens were promised in the campaign that if we earned less than $50,000 a year we would pay no taxes. That didn't happen and now this. I for one, am suffering from buyer remorse.
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