Archive for the ‘gift’ Category
The Government Takes What’s Yours Even When You Get a Gift
Gift cards. Ever get one for a gift? Ever give them out as one? You might want to start changing your mind on what you do with them and how you use them, whether you get one or give one.
Why?
Simple, because states that are confronted with ever sinking tax collections and a rising mountain of debt are going after any additional revenue that they can find, and what they have found is unused gift cards.
Numerous states are looking to put forth legislation that will give them the right to go after and collect gift cards that remain unclaimed or unused, even those that have no expiration date. Many states already take the funds from cards that currently have an expiration date.
For many years, states have been looking under every rock that they can find to help slow the revenue withdrawal symptoms they are experiencing because of the recession. What they have found are the county and state coffers of unclaimed funds and a way to use them, especially unused, untapped gift cards.
Americans spend every year $65 billion on cards they give as gifts. This does not include prepaid cards by banks. Every year Americans throw away $6.8 billion by not redeeming them, according to research done by TowerGroup, a financial consulting firm.
