Tax Refunds May Be Delayed
Sometimes a flat tax just argues for itself:
The Internal Revenue Service is looking hard at delaying the start of its filing season, set to kick off on Jan. 14, if Congress fails to pass legislation in the next two weeks. At issue is how to handle what could be a dramatic increase in the number of people facing a higher alternative minimum tax.
If there is a delay and it extends into mid-February, it would slow nearly 32 million refunds worth a total of about $87 billion, the IRS Oversight Board predicts.
Luckily, the IRS is very clear about its feelings when it comes to people paying debts late. So all those people who have delayed refunds can expect to be payed penalties and interest… right?
on December 4th, 2007 at 12:16 am
Kyle do you prefer the flat tax over the national sales tax?
on December 4th, 2007 at 1:58 pm
I’m not informed enough on the theory and arguments to really say. Either one is probably better than what we have now. I think the flat tax is more feasible politically since there are several really successful examples that can be pointed to.
on December 18th, 2007 at 10:16 am
There is strong evidence that a national sales tax would result in a significant black market of goods, making enforcement exceedingly difficult. After all, a 25% surcharge on all goods would likely incentivize tax evasion. Additionally, it’s easier to hide sales of goods than a corporate dispensing of income and payroll.