I wrote about this on January 28. Bottom line is that if the economy is recovering, tax revenues should be increasing, but that is not what’s happening. This from the March “Moving Markets” newsletter: (Note: For a free subscription to this monthly newsletter providing economic and market commentary, click on the free newsletter offer on the right hand side of this site)
Gary Shilling, in the March issue of his “Insight” newsletter discusses the difficulty that state and local governments are having with their budgets. With unemployment up, tax revenues are down but expenses haven’t followed. Shilling cites these facts: Read more »
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2 IRS agents in dark suits recently paid a personal visit to a Sacramento car wash owner seeking 4 cents in back taxes according to an article published in the “Sacramento Bee” on March 13, 2010. This from the article:
It was every businessperson’s nightmare.
Arriving at Harv’s Metro Car Wash in midtown Wednesday afternoon were two dark-suited IRS agents demanding payment of delinquent taxes. “They were deadly serious, very aggressive, very condescending,” says Harv’s owner, Aaron Zeff.
The really odd part of this: The letter that was hand-delivered to Zeff’s on-site manager showed the amount of money owed to the feds was … 4 cents.
Inexplicably, penalties and taxes accruing on the debt – stemming from the 2006 tax year – were listed as $202.31, leaving Harv’s with an obligation of $202.35. Read more »
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This week, there was some market action that you might want to watch.
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