Tax Guru – Ker$tetter Letter

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IOUs From IRS?

Posted by taxguru on January 31, 2010

I must admit that I hadn’t heard this rumor that Snopes.com debunks regarding all 2009 Federal tax refunds being in the form of US Savings bonds.  However, after last year’s ridiculous situation in the PRC, where they did actually issue IOUs in place of refunds for state income tax refunds, it would be a natural progression to think that this nutty idea would be used by the IRS and our imperial rulers in DC. 

For better and usually worse, there is a long history of California starting ludicrous tends that soon become national.  Who knows?  If the Chi-Coms refuse to loan us more money, it could very easily evolve into mandatory loans from the taxpayers.  Again, as I’ve mentioned before, the PRC has been doing a similar thing with mandatory over-withholding of taxes from employees as a means of extracting interest free loans from them.

 

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