I Bought the First Lady a New Pair of Shoes

Discussion in 'Random Ramblings' started by geareduplyn, May 2, 2009.

  1. geareduplyn

    geareduplyn Chillin' With My Peeps

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    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.
     
    Last edited: May 2, 2009
  2. speckledhen

    speckledhen Intentional Solitude Premium Member

    I'll have to read up on this issue. We are in the same boat as you, Gary, though we did not vote for him. If it's true, then the fake handout will not be cashed. When they want it back, we'll hand them back the check. I'll not pay back something I never received. There's alot more I can say, but I'll hold my tongue on it. This thread is probably not going to have a long lifespan so when it disappears, I do not want my PM box filled up, please.[​IMG]


    **ridiculous amt of money to spend on sneakers, if it's true. Good grief.
     
  3. Happy Chicken Mama

    Happy Chicken Mama Chillin' With My Peeps

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    Cynthia

    This makes me so angry I could spit... however, I am not surprised & I disgustedly hold my tounge with you.
     
  4. hungryhensfarm

    hungryhensfarm Chillin' With My Peeps

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    That is just way too much to spend on any pair of shoes of any kind. I am appalled!

    Speaking of tax credits: the new withholding tables they are talking about are going to make it so that when tax time comes around next year folks will owe or at least receive a much smaller refund. A way to combat this is to allow an extra say $10 to be withheld along with the rest already being withheld. Of course, that amount is just a number off the top of my head. But if this is not done there could be major problems for some folks next tax season.

    Not to toot my own horn, but I know this because I have worked the last three tax seasons for H & R Block. They keep us up to date on tax laws all the time. The less taxes withheld from earned income the lower the refund and a higher risk of having a balance due to the IRS. I do not want to owe the IRS ever!
     
  5. geareduplyn

    geareduplyn Chillin' With My Peeps

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    Quote:This was not the entire article. I only posted what I thought applied to me, but from what I could figure out the people who are getting a few extra dollars in their paycheck from the susposed tax cut will have to repay that money back in a lump sum next April 15. I guess that takes care of the rest of th 95% who got a cut. I may be wrong. I have a tough time trying figure out legalese. I hope some one checks it out.
     
  6. speckledhen

    speckledhen Intentional Solitude Premium Member

    It's an issue worth investigating. Sure don't want any surprises! Thanks.
     
  7. antiquebuff

    antiquebuff Chillin' With My Peeps

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    Yes, folks are going to get used to the extra 13.00 in the paycheck each week, but do all understand, this will go away next year! Just think how many $13.00 dollars it takes to buy those 550. tennis shoes! We have been had!!!
     
  8. Poulets De Cajun

    Poulets De Cajun Overrun With Chickens

    I quit paying attention to it all really. I figure they can't squeeze blood from a turnip, and I can't take it with me when I die, so I do the best that I can with what I have and try not to stress about it....
     
  9. geareduplyn

    geareduplyn Chillin' With My Peeps

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  10. geareduplyn

    geareduplyn Chillin' With My Peeps

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    Quote:I would like to keep this thread open, because I think this is important. Sometimes I feel exactly as Poulets De Cajun, but we should all be concerned. We actually are the "they". A Government of the People.
     

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