Is The Government Going To Renege On Tax Refunds?
About a week ago the IRS said that millions of people will have to wait to get their tax refunds this year "because of Congress’ late fix to the alternative minimum tax".
Then we learned that the IRS, that munificent government bureaucracy which is constantly looking out for american citizens' welfare, may stop tax preparers from offering refund loans, a drastic announcement that crashed some preparers' stock on Wall Street. Loans that would be issued based on non existent refunds?
Wee bit of a cash shortage? The federal government is outsourcing social security benefits with a Prepaid Debit Card.
Another piece to this puzzle is Citybank's experiment in limiting cash withdrawals in NYC, blaming it on ATM fraud. Since when do you penalize all your customers for what the bank describes as "isolated fraudulent activity" around the city? More than likely they're scared shitless there will be a bank run which no doubt will be slightly more unruly than the one in "It's A Wonderful Life".
Add the fact that housing/dollar/stocks are all crashing with the Dow off 3.5% so far in 2008, its worst three-day start of a year since 1932 during the Depression. Everything points to markets continuing to crash in the weeks ahead.
Which begs the question - will we see refund checks this year, and even if we do, will they be worth anything by the time we get them?
Then we learned that the IRS, that munificent government bureaucracy which is constantly looking out for american citizens' welfare, may stop tax preparers from offering refund loans, a drastic announcement that crashed some preparers' stock on Wall Street. Loans that would be issued based on non existent refunds?
Wee bit of a cash shortage? The federal government is outsourcing social security benefits with a Prepaid Debit Card.
Another piece to this puzzle is Citybank's experiment in limiting cash withdrawals in NYC, blaming it on ATM fraud. Since when do you penalize all your customers for what the bank describes as "isolated fraudulent activity" around the city? More than likely they're scared shitless there will be a bank run which no doubt will be slightly more unruly than the one in "It's A Wonderful Life".
Add the fact that housing/dollar/stocks are all crashing with the Dow off 3.5% so far in 2008, its worst three-day start of a year since 1932 during the Depression. Everything points to markets continuing to crash in the weeks ahead.
Which begs the question - will we see refund checks this year, and even if we do, will they be worth anything by the time we get them?
posted by nolocontendere at 7:04 PM
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