Ever listen to the TV commercial of JG Wentworth in which various persons say, “It’s my money and I want it now?” That same sentiment currently applies to the IRS and the payment of tax refunds.
For the first time in several years, my income tax statement showed that I have a refund coming from both the federal and state governments. It’s not much, but nevertheless it’s nice to be on the receiving end instead of being required to pay more.
With the extension of the filing date, my return was filed five weeks ago with both the IRS and Ohio. Within a little more than a week, I received my state refund, but I am still waiting on Uncle Sam.
I talked to my accountant about the delay and he told me that many others who have refunds coming are in the same boat – some waiting much longer than I have. He indicated that this delay is unusual, something not experienced in previous years.
So why is this occurring? Maybe it’s the result of all the money spent on fighting the coronavirus. Or maybe the blame lies in the tremendous amount of money needed to fund President Biden’s agenda. We’re not talking about millions of dollars or even billions. His budget calls for spending in the trillions! And it’s no longer money to combat COVID-19. Rather it is earmarked for items some of which are necessary, like infrastructure, but much of it allotted for political pork barrel projects to help those who got him elected and others in his party that he is indebted to.
Where is this money coming from? You guessed it – it doesn’t grow on trees, but comes from we the taxpayers. Could it be that the millions of tax refunds nationwide are being delayed to use that money for his purposes?
Well, Mr. President, I have something to say about that – it’s my money and I want it now!