Translation: If you are a senior or disabled, “No Tax Break for you, not really!
“Social Security beneficiaries received notices last month that they soon will be getting a $250 check courtesy of President Obama’s economic recovery package, but the administration did not say that some recipients may have to give part of it back.
The problem: Seniors who also work and qualify for Mr. Obama’s $400 Making Work Pay middle-class tax cuts may find themselves forced to give back some or all of the Social Security bonus come tax-filing time in 2010.
The result, some economists say, could be serious confusion for tax filers.
“This is a compliance headache that borders on being a nightmare. It’s going to be complicated to reconcile these payments,” said American Enterprise Institute economist Kevin Hassett.
The one-time payments that will be sent this month to millions of Social Security retirees and beneficiaries of other federal entitlement programs are part of a little-noticed provision in the $787 billion economic stimulus law approved by Congress in February.
But recipients who are still working full or part time to supplement their income may also qualify for Mr. Obama’s Making Work Pay tax cuts, targeting lower- to middle-income workers.
In the murky world of tax policy, the answer seems to be that they can’t fully benefit from both, and the “surplus” has to be sent back to the government.
But there is little if any discussion of this in either the Internal Revenue Service’s notices or the letter that went out to 50 million Social Security recipients last month….”
LUX LIBERTAS
No surprise there. In Obama’s world, someone has to suffer in order for Obama to realize his healthcare reform.
What is disgusting and vile is that people who never worked a day in their lives are getting $250.00 checks for never working a day in their lives and those who worked and paid taxes all of their lives will receive a check that they have to return next year.
Damn, it’s kind of like a bailout, but not really.
Social Security Benefits Not Expected to Rise in ’10
And just in case Obama misses someone in his scam job, Congress is re-writing tax codes and Obama wants more money for his healthcare reform. What a p*&^%)_+!
So he has set his sights on the disabled and the elderly receiving social security benefits, many of whom worked their whole lives and paid taxes and into social security for decades.
Last summer, Obama said that he would increase taxes on the rich, which would have amounted to 5% of the population. In the past year, the group has dwindled down to more like 2%. Therefore, in order for Obama to achieve his agenda, he must come up with at least another 3%
“For the first time in more than three decades, Social Security recipients will not get any increase in their benefits next year, federal forecasts show.
The absence of a cost-of-living adjustment, calculated under a formula set by law, will be a shock to older Americans already hit by plummeting home values, investment losses and rising health costs. More than 50 million people receive Social Security.
In theory, low inflation is good for people on fixed incomes. But it is creating political and policy problems for Congress, which is just learning of the implications for Social Security and Medicare.
The forecasts, by the Obama administration and the Congressional Budget Office, indicate that Social Security beneficiaries will not receive any cost-of-living increase in 2010 or in 2011. The COLA is intended to preserve the purchasing power of Social Security, by increasing benefits to keep pace with consumer prices. In the last year, overall inflation has been low, largely because of the economic downturn and a decline in energy prices. “
NYTIMES
I have often said and stand by it, Obama is no different than the con artists on the corner of Broadway and Wall Street running their three card monty scam or shell game on whomever is stupid enough to stop and give them the time of day.
It has become quite clear that the elderly and the disabled are Barack Obama’s sacrificial lambs.
Like this:
Like Loading...