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One of out three taxpayers will have to wait. Thanks, Congress.
Dec 31, 2010
WSJ
If you’re one of the nearly 50 million Americans who itemizes deductions, don’t count on filing your 2010 tax return any time soon. The IRS has announced that as many as one of every three tax filers will have to wait until mid- to late-February because the agency won’t be ready to process them. This glitch will cause a delay of four to six weeks in processing an estimated $10 billion to $20 billion in tax refunds.
Don’t blame the IRS. The villains are Congressional leaders who waited to extend expiring tax cuts and prevent the Alternative Minimum Tax from hitting some 25 million middle-class filers. The delay will also inconvenience those who take write-offs for home mortgage payments, state and local taxes, charitable contributions or college tuition.
Read more at: http://online.wsj.com/article/SB10001424052970203513204576047963409315634.html?mod=WSJ_Opinion_AboveLEFTTop
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