What that means is that most taxpayers, when they reach line 47 of their 1040's, will discover that they owe $300 more in taxes than they expected. In other words, the one piece of the Bush tax cut that probably did help the economy last year is about to be snatched away. The direct monetary impact will be significant; the psychological impact, as taxpayers realize that they've been misled, may be even greater.

But then I whipped out my 1040 instruction booklet, and discovered it's -- well, it's not actually lies, but it's definitely disinformation.

From reading this article, I expected I was going to have to add another $300 to my tax burden since I got a $300 check last year. The reality is that if you got a $300 (or $600) check last year, line 47 doesn't affect you (and if you ignored it, you're fine). If you didn't get a check, on the other hand, you may be getting an extra $300 to $600 from line 47, if you noticed it and completed the worksheet.

And, c'mon -- if you missed the fact last year that this was an advance on your 2001 tax rebate, you were living under a rock. The only thing that seemed like a surprise (from the above article) was the implication that the 1040 had such sloppy design that it caused people send in less than they might have actually owed. That's not to say it's not sloppy -- but in the other direction. The way it is now, there are almost certainly some people who have sent in more than actually owed (although a much smaller percentage than if it had been the other way around).  3:53:41 PM    

We were so disappointed.  12:38:12 AM