Financial Wake-Up Call 3-10-2007

Financial wake-up call $2.2 Billion Waiting To Be Claimed: There are 1.8 million people that have $2.2 billion waiting for them who failed to file a federal income tax return for 2003 and they only have until April 17 to claim it or it goes to the government. Over half the people would receive more than $600.

In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury. For 2003 returns, the window closes on April 17, 2007. The law requires that the return be properly addressed, postmarked and mailed by that date. There is no penalty

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3 Responses to Financial Wake-Up Call 3-10-2007

  1. Steve says:

    I imagine it would be the exact same scenario in Australia as well.

  2. Dave says:

    The wealthy in society should pay more taxes because they have more to protect. They have a higher stake in society than those who are less wealthy. The tax system should encourage those without wealth to gain wealth and move into the higher tax paying brackets.

  3. Morfydd says:

    Um, have these people never filled out a 1040-EZ? It’s functionally the “postcard” people burble about. The only difference is that you look up the amount of tax owed in a table instead of doing multiplication.

    There are two reasons why people don’t do the EZ form:

    1) They can’t – they have non-trivial non-wage income. This wouldn’t fly on the “postcard” either.

    2) They don’t want to – they want to claim deductions. Go ahead – try to take away people’s homeowner deductions. Or better yet, Child credit.

    Sorry, the flat tax (aside from the smack it would be to the poor) really annoys me. Figuring the tax rate from a known income level is trivial. It’s figuring out what that imcome level *is* that’s hard.

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