IRS Tries to Jolt the Economy

The IRS announced that more than 1.3 Billion dollars in tax refunds for the year 2006 have been unclaimed. One can only imagine how bad the US governments books look like to make this a highly publicized story. One would think that in such trying times where the treasury cant print money fast enough the government would be more have some fiscal greed.

Most of the unclaimed tax refunds are attributed to the elderly and the young. Due to the fact that filing is only necessary if an individual has made a certain amount, most students and elderly without a steady income do not file. What most don’t understand that a refund is still possible without reaching the set benchmarks in place for those that are required to file. The IRS has stated that the average refund is north of the 600 dollar mark.

The unclaimed tax return money is available to be claimed by April 15, when it becomes property of the US Treasury, just as every unclaimed tax returns become after three years of original file year.

So if these individuals didn’t claim then, they most likely wont file this time around so the question of the day is “What should the US Government do with 1.3 billion dollars?” Feel free to let us know what you would do with the money if you were the Government in the comments below.