Congress Isn’t Interested in Discussing the Payroll Tax Cut Right Now

Posted on by Caleb Newquist

House Republicans on Tuesday declined to recognize a House Democrat who was trying to speak about the need for Congress to quickly resolve its differences about how to extend the payroll tax cut. Rep. Robert Aderholt (R-Ala.) gaveled today's pro forma session to order at about 2 p.m. After the House prayer and Pledge of Allegiance, Rep. Jim Moran (D-Va.) sought to be recognized, but the session was gaveled to a close. Moran spoke for about four minutes on the House floor on the need to hold a conference on the bill, although none of it was captured by House gallery cameras or C-SPAN. Moran's effort is the second Democratic attempt in five days to speak on the floor about the need to hold a conference on the payroll tax bill. The efforts are essentially stunts meant to score political points against Republicans by calling attention to the light work schedule this month, which is typical of January. [The Hill]

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Don’t Bank on a Tax Refund Loan Next Year

JP Morgan has sent out notice to 13000 tax preparers that it plans to discontinue its refund loan operations, leaving tens of thousands of taxpayers with a snowball’s chance in hell of getting a front on money due back from the government come tax time.


This is nothing new for tax preparers. Last year, Jackson Hewitt announced that its RAL (Refund Anticipation Loan) funding was down to about 50%, meaning it could only cover half of the RALs it anticipated it would be asked to process come tax time. The problem came from Santa Barbara Bank & Trust, who funded about 75% of Jackson Hewitt’s RALs, after it was told by the Comptroller of the Currency that it had to increase its capital ratios and quick. SBBT may not have been able to buff up its capital levels but you can buff up your own by following these tips to decrease your “rebate” from Uncle Sam so you aren’t standing around waiting for Treasury to cut you a check:

Keep your exemptions in check This is the easiest, simplest, most obvious solution. If you’re waiting for a huge refund check every year, maybe it’s time to reevaluate the tax position you’ve held since you were in college.

If you’re still in a rush, e-file Sure, it’s not instant, but you’ll get your refund a lot quicker by e-filing than you will the good old fashioned snail mail way. National figures show 60% of Americans used e-file last year, leaving the USPS SOL once again.

File early Again, this seems obvious but if you want your money quicker, file at the front of the line. Americans are procrastinators so if you’re one of the first anxious little taxpayers out of the 1040 gate, chances are your refund will get processed faster.