IRS May Eliminate Tax Refunds

IRS Charles Rettig warned that “due to the enormous challenges the government faces we may no longer be able to afford giving refunds on your taxes.”

“The very fact that we already have the money and are trillions of dollars in debt creates a tremendous pressure to simply keep the money,” Retig said. “This alone would lower the government's expenses. We would also save money by not having to process returns that are filed. While it's probably too late to save every taxpayer the time and trouble of preparing and filing, we could certainly save time and trouble here at our offices by just trashing the returns already filed or on their way. Of course, if we announce the elimination of refunds, the procrastinators will be spared the effort of preparing and sending in their forms.”

“Further, I would argue that the fact that the taxpayers have been able to survive without this money withheld from them by their employers is a significant sign that they don't really need this money as much as the government does,” Retig surmised. “I mean, no one owes as much as we do. At $28 trillion in the hole we're worse off than those economically flush enough to have earned an income that can be taxed. So I'd have to say that us just keeping the money seems a fairer way to do things.”