Question: I believe that my adult son received a $1,200 EIP, via automatic deposit to his checking account, that he was not entitled to because he is my tax-return dependent. Will the IRS go into his checking account and debit it to get the money back?
Answer: No. The statutory language in the CARES Act that set the whole EIP scheme in motion says that anybody who gets more money than they are actually entitled to can keep the excess. I endorse that concept: any money that gets into people’s hands is fair game.
In the above case, it appears the fella received the money in error but I have heard, and I'm also under the impression the same issue exists in the case where a check is sent to somebody that is deceased. The article explains the Feds are using our beloved Internal Revenue Service to distribute these so-called Economic Impact Payments (EIPs). The IRS is not currently processing 2019 returns because the agency is swamped with all the new COVID-19-related tasks it has been given.The article also states the IRS’s data processing systems were notoriously inadequate even before getting overwhelmed with all these new tasks. Apparently to those in our government, 1,200 dollars isn't worth the time it takes to do the administrative job of reclaiming it. From what I understand we are talking about checks that total several billions of dollars. This type of waste is just another example of why people don't like paying taxes.
The selfish, incompetent, out of touch politicians in D.C. stopped caring about our tax dollars, and the country in general, a long time ago. The vast majority of clueless Americans just want their check. Gimme, gimme, gimme - that's the new credo of America. Meanwhile, the ignorant masses wonder why food prices keep going up and why their money buys them less and less every year. While the politicians brag that wages for the middle class have increased by a whopping 2%, the sheeple don't understand that prices went up that much, or more, at the same time, so there was no net gain for them. This will never end, i.e. the borrowing and money printing, until the American public gets educated and becomes wise to the tricks and scams our politicians have engaged in for decades. They don't understand that we are already a Social Democracy and have been for a long time, despite what the faux Republicans and Neocons claim. Margaret Thatcher said it best: "the problem with Socialism is that you eventually run out of other people's money". She's right, but what if you just borrow and print the money? Then you don't have to take it from anyone. The dirty little secret, though, is that you have actually taken it from *everyone* bit by bit as inflation eats away at it. I wonder how much longer this can go on.
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