Bye, bye tax credits

Here's hoping that this starts a trend across the country . There are a plethora of tax credits for so-called "green" alternatives in California that should be eliminated. One of them is for hybrid cars.

Around The Horn...Newsworthy Links And Posts!

1) From The Economist's Cookbook: Do you know how to assert your rights when being confronted by police?

2) Also from The Economist's Cookbook, one of the best comment I've read lately on Abraham Lincoln.

3) Jeff Perren on liberty and Thomas Jefferson.

4) An entertaining video of a guy who can be deadly accurate with business cards from Freaky Frugalite.

5) The Division of Labor and love.

6) That home-buyers tax credit comes with a hefty price tag.

7) Cracked World has a great post on racism and the Tea Party movement.

The Tax Credit Pay Back

According to the L.A. Times:

For more than 15.4 million people, the Making Work Pay tax credit enacted as part of the $787-billion economic stimulus package could turn out to be a Making You Pay Back tax credit.

The problem: In order to maximize the credit's stimulative effect on the economy, withholding changes for taxpayers kicked in within days of Obama signing the legislation and taxpayers started seeing the changes in their paychecks in April. In essence, the credit was "advanced to taxpayers through their wages by a decrease in federal income tax withholding" for the 2009 and 2010 tax years, according to the report by the Treasury Department's Inspector General for Tax Administration.

The government giveth, the government taketh. There is no such thing as a free lunch, folks.