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 ...
“Y2K was as it turned out was a lot of hype over nothing.”
Almost, but not quite nothing. There were at least two things. The Pentagon was being refurbished and a data recording system on a power distribution system did not turn over right. However, the data was not necessary for operation and was not being collected or used for anything. The issue may or may not have been corrected or the unit may not have survived 9/11.
I don’t remember what the other thing was.
I was also one of them. I spent years in Y2k remediation projects. The group I was involved with had everything handled by mid 99 but most of us had to spend NYE 1999 in the computer room. There were couple of minor systems that blipped and needed restarted but all the important stuff flipped over and kept on trucking.
When I started hearing "it was all just hype" from clueless morons, I wanted to start bashing some heads.
When I started hearing “it was all just hype” from clueless morons, I wanted to start bashing some heads.
I don’t think the author understands how the IRS transmits money/refunds to people.
They are not going to send all of these checks in one day. Nor will any single location get all of these checks.
This article is much ado about nothing.
You are clueless.
As an old COBOL programmer, I well remember the YYMMDD format and wondered if the programs would be corrected in time. I read that companies were scouring rest homes looking for retired COBOL programmers, as by then, most everyone was into the newer programs.
There was also much angst over dates in chips that ran various devices, like elevators, fire alarm/sprinkler systems, etc.
Was surprised at how well things ran. Thank You.
As a sidebar, I read that there was a sheriff in Iowa who wanted to deputize gun owners (CCWs?) so that he could draw on them if TSHTF. It brought up an interesting question to my mind - how many guys would answer the call and leave their families unprotected? Made me respect the 1776 Minutemen all the more.
In 1997 I contracted for a large health insurance organization in Washington state. We were bringing COBOL programmers out of retirement at $55 an hour and hiring them on the spot. If, after two weeks, they seemed OK, great. Otherwise, they were shown the door.
Ahhh. Good times. :-)
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