Did you file your Schedule M for 2009 or 2010? It is called the Making Work Pay Credit. $400 for you and $400 for your wife. Truly money back.
Let's say you would otherwise be owed a refund of $500 and you are single in 2009 or 2010....and you made between $6,451 and $75,000 (most of us right?), you would get a refund of $900, $1300 if married.
This is stimulus money for the average working guy or gal right?
Not good cause we cannot afford it, but it was our money right, or was it? Is this a give away when we cannot afford it or a refund of taxes I should not have paid anyway.
Please only respond if you would otherwise earn this credit ($6,500-$75,000 in income). At 500,000,000 workers in this income range (just my guess), that is a $20 billion/year loss in tax revenue or return of people's money, kinda cool, sorta.
I am sort of for it, help out the people who are actually working. I would be more for it if it was actual excess revenue, but instead it is like Obama gave us $500 each and gave China an IOU for $600 that we will have to re-pay in a few years.
We needed the stimulus even if it didn't work as well as expected, but nothing comes for free.
Thomas Sowell: There are no solutions, just trade-offs.
