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  #1 (permalink)  
Old 3 Weeks Ago
TheLastBoyScout's Avatar
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Member Since: Jan 2007
Location: Champaign, Illinois
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United_States     Illinois

620 Million?! Holy Incompetence, Batman!

Certainly not unprecedented, the IRS has doled out $620 million to ineligible filers.

This is based on claims for the First Time Buyer tax credit. Some people who got the credit had not even bought a house yet.....some people who got the credit were not "first-time" buyers......and some people who got the tax credit were 4 years old.

Oh....and the First Time Home Buyer tax credit expires on Nov. 30, 2009, yet congress is currently working to extend it........WTF?

Fraud found in home-buyer tax-credit claims TaxWatch - MarketWatch

Quote:
SAN FRANCISCO (MarketWatch) -- Even as Congress mulls whether to extend the popular first-time home-buyer tax credit aimed at shoring up the decimated U.S. housing market, government auditors said Thursday that thousands of ineligible taxpayers have received millions of dollars under the program.

About 19,350 taxpayers claimed $139 million worth of tax credits for homes they had not yet purchased, and about 70,000 taxpayers claimed more than $479 million in credits despite evidence they were not first-time home buyers, according to a report by the Treasury Inspector General for Tax Administration, the agency that monitors the Internal Revenue Service.
Curbing bank pay

Almost 600 people who claimed about $4 million worth of the credit were not yet 18 years old -- and the youngest taxpayer was 4 years old, the report said.

The tax credit, worth up to $8,000, expires on Nov. 30, though some lawmakers have proposed extending it, and some have said it should be extended and expanded to people beyond just first-time buyers.
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Old 3 Weeks Ago
Imperator's Avatar
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United_States    
Re: 620 Million?! Holy Incompetence, Batman!

my god....629 effing million dollars....and do I have to say it?
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  #3 (permalink)  
Old 3 Weeks Ago
daddio's Avatar
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Member Since: Jun 2008
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United_States     Virginia

Re: 620 Million?! Holy Incompetence, Batman!

govt is not good at avoiding fraud and everyone knows it.
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Old 3 Weeks Ago
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Re: 620 Million?! Holy Incompetence, Batman!

And we are looking at them running Health Care?

Joy to the world... Joy to the world
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  #5 (permalink)  
Old 3 Weeks Ago
Secretary of Defense

 
Member Since: Mar 2009
Location: Ohio
Posts: 2,623

United_States     Ohio

Re: 620 Million?! Holy Incompetence, Batman!

Yeah, we should trust the government with our health care.


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  #6 (permalink)  
Old 3 Weeks Ago
Joint Chiefs of Staff Member

 
Member Since: May 2009
Location: New England
Posts: 1,211

   
Re: 620 Million?! Holy Incompetence, Batman!

Why the hell do we trust them with any of our money?
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  #7 (permalink)  
Old 3 Weeks Ago
Secretary of Defense

 
Member Since: Mar 2009
Location: Ohio
Posts: 2,623

United_States     Ohio

Re: 620 Million?! Holy Incompetence, Batman!

Quote:
Originally Posted by JDJarvis View Post
Why the hell do we trust them with any of our money?
Because they tell us we need them.
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  #8 (permalink)  
Old 3 Weeks Ago
Imperator's Avatar
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Re: 620 Million?! Holy Incompetence, Batman!

Quote:
Originally Posted by AkDiesel View Post
And we are looking at them running Health Care?

Joy to the world... Joy to the world
exactly.
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  #9 (permalink)  
Old 3 Weeks Ago
stillalive's Avatar
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Member Since: Apr 2008
Location: Europe
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European_Union     India

Re: 620 Million?! Holy Incompetence, Batman!

Quote:
Originally Posted by TheLastBoyScout View Post
Certainly not unprecedented, the IRS has doled out $620 million to ineligible filers.

This is based on claims for the First Time Buyer tax credit. Some people who got the credit had not even bought a house yet.....some people who got the credit were not "first-time" buyers......and some people who got the tax credit were 4 years old.

Oh....and the First Time Home Buyer tax credit expires on Nov. 30, 2009, yet congress is currently working to extend it........WTF?

Fraud found in home-buyer tax-credit claims TaxWatch - MarketWatch
Correct me if I´m wrong, but the article is on about filed claims, not money distributed.

BTW even a four year old can be a tax payer if he inherited a fortune. And, if his legal representatives buy a house for him out of his inheritance, he would IMO be eligible as a first time buyer.
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  #10 (permalink)  
Old 3 Weeks Ago
Commodore's Avatar
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New_York     Earth

Re: 620 Million?! Holy Incompetence, Batman!

Anyone else take quick glance and see incontinence?

Would work just as well.
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