Surprise! There's no news on tax credits

Headlines across the country are blasting that millions of taxpayers may owe come tax time because "the government was too generous with their new Making Work Pay tax credit," as the New York Daily News put it.

It sure makes for dramatic news coverage... only it's not quite right.

The government didn't make a mistake when calculating the Making Work Pay tax credit and this most definitely isn't something just hitting the radar of taxpayers. It just makes good headlines now.

The issue of too much withholding has been making news since the inception of the credit in early 2009. Yahoo even appeared to revamp an earlier version of the CNNMoney.com story released on this past Tuesday, titled "Stimulus surprise: 15 million people may owe taxes" from a piece released six months ago. Clicking on the link from the prior story, formerly here, now gives you a 404 error. Hmm.

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