Posted on 10/13/2016 3:49:34 AM PDT by rightwingintelligentsia
The neediest Americans will be short $100 billion in delayed tax refunds at a time when they're really counting on it. Chaos may ensue, an issue neither presidential candidate is addressing.
In June, I sounded the alarm on How Congress is About to Screw Up the Economy in an Unprecedented Way. The more we learn about the PATH Act of 2015, however, the louder this alarm needs to be.
First, a short primer on what's happening. The PATH Act stands for Protecting Americans from Tax Hikes. As a headline, it sounds commendable and does include legislation for more than $620 billion in tax reductions for families and businesses.
Unfortunately, the PATH Act also means a delay in millions of refunds. It is now against the law for the IRS to issue a refund before February 15 to any taxpayer who is claiming the Additional Child Tax or Earned Income Tax Credit. Congress has allowed this delay in order to give the IRS more time to detect possible fraud.
(Excerpt) Read more at aol.com ...
The poorest Americans don’t pay taxes. Should they be getting refunds?
Y2K was as it turned out was a lot of hype over nothing.
The more nobel-sounding the legislation, the more likely it means the complete opposite (see, "Affordable Care Act").
nobel = noble
EITC == Gibsmedat. It should be abolished.
Oh yeah, isnt it that truth! Its like theyre trying to fool us....LOL.
Golly, if we had a FAIR Tax we wouldn’t have to worry about this stuff.
SMH...
Not a word in the article about how this is a giveaway of taxpayers money to the poor...
for example: Pay 500 in federal taxes, get a 1500 credit = 2000 return...
They actually paid nothing...yet get 2K back...
Those who don’t pay income tax shouldn’t be getting any refunds.
With a name like that it’s probably not going to be wearing a condom...
They'ze needs that money for ciggies, or beer, or that new widescreen.
Sorry, I feel no compassion or mercy.
http://www.usatoday.com/story/money/personalfinance/2016/10/09/savings-study/91083712/
Ha! I remember when I used to get refunds. It meant I was loaning money to the government interest free.
Y2K was as it turned out was a lot of hype over nothing.
I know. I was one of them. I did Y2K remediation research and resolution for several companies. If we’d done nothing it would have actually been catastrophic. A couple of guys I worked with actually bought property out in the sticks because they didn’t think we’d fix it all in time.
I forgot about that. This is not about refunds. It’s about giving fee money to people and “calling it a refund”.
Is that the needy 47% who pay no taxes?
That is true. I worked on several Y2K projects for some very big banks. Some couldn't make the deadline so they merged with others that were gonna be OK.
The big problems were in the financial industries running mainframes.
There was a lot of hype about toasters and elevators though.
“It meant I was loaning money to the government interest free.”
That’s what Dad always said. I haven’t received a refund worth mentioning in years, and then it goes toward next year’s taxes. Many though are incapable of saving a dime, and a tax refund is the closest they get to a windfall. If you paid in too much, you should get it back, but the EITC has to go!
One of the wife’s coworkers is married to an IRS Special Agent. She (the Special Agent) has some interesting stories about the prevalence of various tax scams regarding claiming of children on tax returns in order to affect EITC payments via “refund” (it is not a refund if you don’t pay taxes).
After all, we are talking about taking money from him.
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