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. 13M get unexpected tax bill from Obama tax credit
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WASHINGTON (AP) -- About 13.4 million taxpayers may be getting unexpected tax bills because they were awarded too much money under President Barack Obama's Making Work Pay tax credit, a government audit said Thursday.
The tax credit, which expires Jan. 1, was designed to increase take-home pay by about $8 a week through new tax withholding tables. The credit was capped at $400 for individuals and $800 for married couples filing jointly.
However, the credit put millions of taxpayers at risk for not having enough taxes withheld from their paychecks, resulting in a tax bill when they file their returns, said the audit .......
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[SIZE=2]13M get unexpected tax bill from Obama tax credit - Yahoo! Finance (http://finance.yahoo.com/news/13M-get-unexpected-tax-bill-apf-514145692.html?x=0 - broken link)[/SIZE]
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