Tuesday, January 18, 2011

Unilateral Money Grabs

They call this an "Offset".  Expect more of this type of thing to become commonplace and "acceptable".

Perhaps a unilateral money grab prior to deliberation and opportunity for the grabee (sound like a TSA operation) to defend themselves.

They thought they were getting an incentive payment from the Fed.   Instead they got the shaft.  

Bond Buyer

Build America Bonds

January 18, 2011

This Week's Headlines

IRS Withholds 15% of D.C. BAB Subsidy Payment Over Payroll Taxes Bond Buyer  |  Jan 11
The Internal Revenue Service ­withheld $707,757, or 15%, of the District of Columbia’s Dec. 1 Build America Bond subsidy payment because of payroll taxes, making the city the latest issuer caught by surprise with an offset.

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Insightful and Useful Comment!