Gyroscopic Investing

Apparently this is a thing now?  Sins of the parent visited to the 7th generation, biblical style?  I didn't have the energy to hunt down a text story, so you get the video newscast, but in essence the government is seizing tax refunds to recoup what they see as debts owed due to, in this particular case, a mistake made by Social Security back in the 70's.  Amazing.

http://news.yahoo.com/video/tax-refunds ... 50455.html

RuralEngineer wrote: Apparently this is a thing now?  Sins of the parent visited to the 7th generation, biblical style?  I didn't have the energy to hunt down a text story, so you get the video newscast, but in essence the government is seizing tax refunds to recoup what they see as debts owed due to, in this particular case, a mistake made by Social Security back in the 70's.  Amazing.

http://news.yahoo.com/video/tax-refunds ... 50455.html

I had read a few accounts of this story earlier - and it has just reinforced my gut feel that I should never be in a position to have a tax refund.  If you are a due a refund, then you have really screwed up your planning for the year - and put yourself in a compromised position where thieves can pluck you.

Mark Leavy wrote: I had read a few accounts of this story earlier - and it has just reinforced my gut feel that I should never be in a position to have a tax refund.  If you are a due a refund, then you have really screwed up your planning for the year - and put yourself in a compromised position where thieves can pluck you.

I'll second that advice. A co-worker of mine lost his refund last year due to identity theft and still hasn't gotten it back. Unfortunately, he didn't learn from his mistake because he had one due again this year and is still waiting for it.

I always prefer to owe the government even if it's going to cost me a penalty.

UPDATE: Another reason not to overpay your taxes is the Obamacare penalty. As I understand it the only mechanism they have for enforcing this is taking it out of your refund.

Keep electing Democrats and you will see more and more of this.  They love the IRS because it's the method they use to take money from some, and redistribute it to others as they see fit. 

Amen!

There must have been some blow back.....

http://www.realclearpolitics.com/articl ... 22287.html