Tax Refunds To Be Delayed in Some States

[babylonsister]

http://www.politicsdaily.com/2010/03/12/tax-refunds-to-be-delayed-in-some-states/

Tax Refunds To Be Delayed in Some States
Posted: 03/12/10


Residents of a half dozen states will have to wait up to five months for their tax returns as officials freeze funds because of budget shortfalls, USA Today reported.

Hawaiians may not see refunds until August because the cash-strapped state has pushed the payouts into the next fiscal period, which begins in July.

New York, struggling with a $9 billion deficit, may delay $500 million in refunds to keep the state from running out of money, Gov. David Paterson said.

"It's an indicator of how bad it is," Scott Pattison, executive director of the National Association of State Budget Officers, told the newspaper. "You know things are bad when you have to do that."

Most states typically issue refunds within 30 days.

Officials in California, which in 2009 offered residents IOUs, said they expected refunds to go out on time this year.

States where residents can expect a delayed refund: Hawaii, Alabama, North Carolina, Kansas, Idaho, and New York.

[midnight]

1. If it is this bad, do you think the tax payers will be doing anymore bank bailouts?

[AllentownJake]

5. I think if knowledge of what the Federal Reserve and Treasury were doing right now

became mainstream, the possibility for armed insurrection would be 50-50.

[AllentownJake]

2. This is not going to end well

Nope, not at all.

[dixiegrrrrl]

3. Ahem.

You know that growing list of danger signs?
Added.

[AllentownJake]

4. You thinking October "surpise" this year? nt

[dixiegrrrrl]

7. I am thinking JUNE "surprise".

Based on comments in the Denninger Ticker AND in the Forum.
Been glued to that recently, people are reporting interesting goings on .

The press reports show an increase in problems:

The most public of late is there is no reason for Citibank to have picked an April date to close its demand checking accounts, unless it knows something. And April is the end of the first quarter.
Why April? Why not March or July or....?
Why have the money market funds also stated they will no longer be demand accounts?
Granted they did that some time ago, but why the change?

Now the FDIC wants to have pensions bailing out the banks. Hmmm...

Now 5 states including mine cannot deliver on tax refunds.
Wonder how delayed Fed. tax refunds will be.

Adding up the pieces, and adding in Lehman,( you KNOW questions are being asked very publicly about Lehman now) , seems like the money shortage is being uncovered.
So how widespread is the monte game, on how many levels, one has to ask?

I think a lot of money is fleeing the country, I think the gold left long ago.

[AllentownJake]

8. The happy talk

and shenanigans appear to be getting worse as well. The consumer spending report from yesterday was totally debunked by every financial blogger in record time, and the trick they tried really wasn't that complex.

Revise January numbers down, than report essentially the same numbers from the original January report, than claim an improvement.

The market rejected that report in like 15 minutes :rofl:

Seems like desperation. Perhaps you are correct. The dumb money is back in the market right now, sitting there like a big fat stupid hog sunning itself for the banksters to take.

That and you have Hedge Funds bashing Gold as a bubble as they increase their personal holdings.

[AllentownJake]

6. Every refund delayed a new Tea Bagger is born

If a citizen fails to pay their taxes on time the government beats the shit out of them. Hits them with fines, confiscates property, takes them to court etc.

When the government does it, there is no accrued interest etc.

If the government is having a revenue problem, raise fucking taxes and cut spending. Don't play games with money people are legally entitled to.