I heard rumors about California possibly delaying issuing tax refunds a couple of months ago. It looks like it might happen because the government is on the verge of bankruptcy. People in California might receive an IOU instead of a check! This is one of the many reasons that you should aim to owe the government money in income taxes at the end of the year, or at least, break even. Getting a tax refund just means you let the government take too much of your money all year. Of course, it is almost impossible to figure out what you'll owe, so this is a difficult task.
Another news item causing me concern is what some are calling National Bankruptcy Day. On February 10, 2009, the Consumer Product Safety Improvement Act (CPSIA) will go into effect. Kim has an excellent summary and tons of links here and here. This law creates an onerous, bureaucratic certification process for children's products to (supposedly) ensure that they contain virtually no lead, and no phthalates (whatever they are). The process is so expensive that one-of-a-kind items are expected to cease to exist and small businesses creating children's products are expected to go under quickly. Even products manufactured before the law goes into effect are covered, and secondhand stores (think all consignment stores, yard sales, and eBay) are liable for any products they sell that don't meet the new requirements. I wish I had some extra cash to stock up on some things now. I suspect a black market will develop.
No comments:
Post a Comment