Making Work Pay tax credit

President Obama insists that his agreement with Republicans will help working people avoid a pay cut. But as tax experts look at the full package more closely, it has become clear that low-end wage earners will indeed take a painful hit.

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...