http://market-ticker.denninger.net/Tax refunds are now being "delayed":
ATLANTA (AP) - Colin Daymude was out of work last year after his business failed and eagerly filed his taxes in mid-January, figuring he'd get his refund sooner. He was wrong.
It took the 44-year-old entrepreneur more than six months to get his $1,300 check—money that he needed to pay living expenses while he worked a few side gigs.
Let's be clear: this is not the state's money.
You do not owe more than your lawful tax amount. If you overpay, the state has the obligation to refund that amount as soon as it is reasonably able to process your documentation.
IT IS NOT THEIR MONEY AND HOLDING IT IS THEFT BY CONVERSION SO LONG AS ANY OTHER STATE EMPLOYEE, AGENCY OR VENDOR IS BEING PAID.
Some states even admit to this practice:
Some states say plummeting tax collections drove them to hold on to the money so they can make ends meet. Others complain of not being able to keep up because the economic downturn has forced staffing cuts in revenue departments.
Being backlogged is one thing, but intentionally holding your funds is unlawful. If you do that as a private citizen you are subject to a criminal complaint and, for the amounts commonly at issue, it is a felony.
If you are over-withholding - that is, if you have more being withheld from your paycheck or you are paying in estimated taxes more than your actual liability at the end of the year, and have been granting a zero-interest loan to the government of your money in the belief that you'll get a "big refund", STOP THAT RIGHT NOW!
