Tax rebates cause delays, problems for IRS
WASHINGTON - The Internal Revenue Service says a key element
of the economic stimulus package now before Congress - getting a new batch
of tax rebate checks out in time for the holiday shopping season - is
impossible to achieve.
Even worse,
the IRS warns that no matter when the checks go out, they will put the
agency far behind in its regular work, probably delaying up to 23 million
income tax refunds worth a total of $43 billion next year.
In a letter
to congressional leaders, IRS Commissioner Charles Rossotti said issuing
a new round of checks in a short time "poses an extremely high risk
to the tax system" that also includes greater chance for errors and
would cost the agency an additional $58 million.
Even if
the agency got definitive instructions by Friday, Rossotti said, checks
wouldn't get out until January at the earliest. That would be too late
for people to spend their checks at stores during the December shopping
season, which many lawmakers have said is the goal.
The $100
billion economic stimulus plan passed Wednesday by the House included
$13.7 billion in rebate checks of up to $600 for millions of lower-income
workers who didn't qualify for those mailed out earlier this year. Others
who only got a portion of the full amount would get the remainder.
President
Bush has endorsed the rebate check idea; Republicans and Democrats in
the Senate say their version will include them. Rossotti estimated that
50 million checks would be mailed out.
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