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Pepperdine University School of Law

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Tuesday, September 8, 2009

Obama to Let Taxpayers Convert Tax Refunds Into IOUs

In his weekly radio address on Saturday, President Obama announced:

[W]e’ll make it easier for people to save their federal tax refunds, which 100 million families receive. Today, if you have a retirement account, you can have your refund deposited directly into your account. With this change, we’ll make it easier for those without retirement plans to save their refunds as well. You’ll be able to check a box on your tax return to receive your refund as a savings bond.

http://taxprof.typepad.com/taxprof_blog/2009/09/obama-proposes.html

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Comments

I expect as many clients to select government bonds over cash-in-hand for tax refunds as there are clients who check the box to contribute to Presidential campaigns. A quick count comes to....none.

So, I guess the next step is to give taxpayers no choice, as California has done. See how it works to take those IOU's to the grocery store to feed your family.

Rather than worrying about helping us save, as he claims, Obama should worry about reducing rather than increasing our national debt.

What gets me is that Treas. Sec. Geithner is also behind this. I guess he's figured a way to get to get a big refund this year. What's his secret?

Posted by: Woody | Sep 8, 2009 11:17:56 PM