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2006-05-25 Home Front Economy

Treasury: Telephone tax refund for everyone

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Posted by tu3031 2006-05-25 12:56|| || Front Page|| [11127 views since 2007-05-07] Top

#1 According to irs.gov, Americans filed 102 million tax returns as of 4/21/06. Let's assume 1 million late filings for a total of 103 million taxpayers. $5.9 billion in the refund kitty means that each taxpayer gets (drumroll) $57.84. I guess I'll take the wife and kids out for dinner at Friendly's. (Now, if we included ALL revenues collected by that tax we could be talking money.)

Posted by Jonathan">Jonathan 2006-05-25 14:09|| 2006-05-25 14:09|| Front Page Top

#2 Consumers will be able to claim it on their 2006 tax returns, which they will file in 2007.

But only if they itemize....

Seriously, how is this supposed to work?

Posted by someone2 2006-05-25 14:30|| 2006-05-25 14:30|| Front Page Top

#3 ...Well, like Dad always says, it beats a poke in the eye with a sharp stick.

Mike

Posted by Mike Kozlowski 2006-05-25 14:40|| 2006-05-25 14:40|| Front Page Top

#4 Okay, here's some details from TaxProf Blog:

The Treasury Department and IRS announced this morning that after losing in five circuit courts of appeals, the Government is throwing in the towel and will no longer seek to enforce the 3% excise tax on long-distance telephone calls enacted during the Spanish-American War of 1898 as a "luxury" tax on wealthy Americans who owned telephones. The IRS will will issue $15 billion in refunds to consumers for long-distance telephone service taxes paid over the past three years:
No immediate action is required by taxpayers.
Refunds will be a part of 2006 tax returns filed in 2007.
Refund claims will cover all excise tax paid on long-distance service over the last three years (time allowed given statute of limitations).
Interest will be paid on refunds.
The IRS is working on a simplified method for individuals to use to claim a refund on their 2006 tax returns.
Refunds will not include tax paid on local telephone service, which was not involved in the litigation.

So, $15 billion divided over 103 million taxpayers = $145 (approximately). Trip to Hershey Park!

Posted by Jonathan">Jonathan 2006-05-25 14:47|| 2006-05-25 14:47|| Front Page Top

#5 the IRS gets upset when you refer to paying taxes as a "trip to Hershey Park" or any other profane euphemism....

Posted by Frank G 2006-05-25 14:58|| 2006-05-25 14:58|| Front Page Top

#6 lol Frank...

Posted by mcsegeek1 2006-05-25 15:10|| 2006-05-25 15:10|| Front Page Top

#7 I really don't want to know how much was spent defending that tax. Would have been better if it had just quietly been removed from the roles and faded off into the susnset, IMHO.
And before anybody launches lawyer jokes, my daughter has one for a brother.......

Posted by USN, ret. 2006-05-25 15:19|| 2006-05-25 15:19|| Front Page Top

#8 USN, At least your daughter doesn't have one for a father..... :)

One wonders what other outdated taxes we are paying......

Posted by CrazyFool 2006-05-25 15:24|| 2006-05-25 15:24|| Front Page Top

#9 One wonders what other outdated taxes we are paying......

Is that nutty e-Rate surtax still around? DeaconMan still don't have broadband.

Posted by 6 2006-05-25 19:39|| 2006-05-25 19:39|| Front Page Top

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