Posted on 02/06/2009 5:55:24 AM PST by JZelle
ANNAPOLIS, Md. -- Annapolis lawmakers are introducing a bill that would allow for the collection of money from unspent gift cards to put into the state treasury.
Nationally, gift cards are a $59 billion industry. Experts estimate that 6 percent of gift cards go unspent in Maryland. The bill would allow the state to claim 70 percent of that unused money and use the cash to fund education.
"To me, this is a no-brainer. If you haven't used your gift card for four years, you are not going to use it, and why can't we share? The bill states we keep 70 percent of it, and retailers keep 30 percent," said Delegate Joseline Pena-Melnyk, D-Anne Arundel and Prince George's counties.
Thirty-two states have a similar law. Some of them keep 100 percent of the unspent gift card money, 11 News reporter David Collins said. But state retailers, grocers and the hospitality industry oppose the measure.
"The money belongs to the person. It doesn't belong to the state. It is sort of an indirect taxation -- this bill. This was money that was given to somebody, and if they choose not to spend it in a certain time period, it's still their money," said lobbyist Bruce Bereano.
International consulting firm Towergroup noted in a report that retailers don't generate revenue from gift cards until they are used or declared dormant. However, the money used to purchase the cards generates interest for the business.
The report cited Best Buy as an example. It said the store moved $39 million from liability to income in 2005 due to unredeemed gift cards.
(Excerpt) Read more at wbaltv.com ...
To me, this is a no-brainer. If you haven’t used your gift card for four years, you are not going to use it, and why can’t we share?
Ummm because its not your dam* money????
So they are going to steal the money from the store that issued the gift card? What are the stores now supposed to do keep track of who spends what?
Guess I’d better get off my a$$ and use that L L Bean card I have laying around somewhere.
The next step ...
“We’ve noticed that you have not spent all the money in your savings and checking accounts. In order to further the state’s purposes, we are stealing 70% of it, effective immediately.”
Jack
What’s next...you have unused money in your savings account that you haven’t used in four years, we’re going to take that...for the children’s education fund, of course.
your right! and who came up with this stinking idea to begin with, huh? let the consumers keep their money and use it as they please with no expiration date , at this point, retailers are really needing customers to come in & spend that money> why aggregate it and put in the hands of the gubmint? it’s none of their da** bidness how people spend their money! this is all so topsy-turvy.........it’s not right.
You might notice that the people that tend to say this sort of thing are always talking about YOU sharing YOUR money with them. Never about sharing THEIR money with you, or anybody else.
Hey, the retail outlets were planning on that as part of their profits, which they already pay taxes on.
It is not your money! Keep your hands off of my money you thief!
...and use the cash to fund education.
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to further the cause of Marxist indoctrination!
So this goofball doesn't just try to argue that this is the way to go but throws in, "...this is a no-brainer..." which translates into, "If you don't agree, you are an idiot."
"Why can't we share?" How about because it wasn't your money to begin with.
State ("we" as she says) 70% vs. Retail - 30%. Why not 80% vs. 20%. How did you come up with that ratio, Greedy Fingers Democrat?
The mayor of Baltimore already thinks all the gift cards belong to her anyways....
Bankrupted Staes are becoming pathetic and desperate. They will do anything to avoid laying off useless government union employees. This “stmulus” is aimed at saving government jobs. Not helping the private sector.
People are gettin’ so stupid now that it’s just scary.
You sir/ma’am have nailed it!
At first I thought this was a joke. This reminds me of the kind of "reasoning" kids would come up with during grade school. I can't believe an adult would really think in such a manner.
What are the stores now supposed to do keep track of who spends what?
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Keeping track of that money sounds expensive for the stores...and...the states will not pay the stores for doing the state’s accounting and tax collecting.
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