Best of the Week
Most Popular
1. 2019 From A Fourth Turning Perspective - James_Quinn
2.Beware the Young Stocks Bear Market! - Zeal_LLC
3.Safe Havens are Surging. What this Means for Stocks 2019 - Troy_Bombardia
4.Most Popular Financial Markets Analysis of 2018 - Trump and BrExit Chaos Dominate - Nadeem_Walayat
5.January 2019 Financial Markets Analysis and Forecasts - Nadeem_Walayat
6.Silver Price Trend Analysis 2019 - Nadeem_Walayat
7.Why 90% of Traders Lose - Nadeem_Walayat
8.What to do With Your Money in a Stocks Bear Market - Stephen_McBride
9.Stock Market What to Expect in the First 3~5 Months of 2019 - Chris_Vermeulen
10.China, Global Economy has Tipped over: The Surging Dollar and the Rallying Yen - FXCOT
Last 7 days
Does Fed Know Something Gold Investors Do Not Know? - 21st Mar 19
Gold …Some Confirmations to Watch For - 21st Mar 19
UKIP No Longer About BrExit, Becomes BNP 2.0, Muslim Hate Party - 21st Mar 19
A Message to the Gold Bulls: Relying on the CoT Gives You A False Sense of Security - 20th Mar 19
The Secret to Funding a Green New Deal - 20th Mar 19
Vietnam, Part I: Colonialism and National Liberation - 20th Mar 19
Will the Fed Cut its Interest Rate Forecast, Pushing Gold Higher? - 20th Mar 19
Dow Jones Stock Market Topping Pattern - 20th Mar 19
Gold Stocks Outperform Gold but Not Stocks - 20th Mar 19
Here’s What You’re Not Hearing About the US - China Trade War - 20th Mar 19
US Overdosing on Debt - 19th Mar 19
Looking at the Economic Winter Season Ahead - 19th Mar 19
Will the Stock Market Crash Like 1937? - 19th Mar 19
Stock Market VIX Volaility Analysis - 19th Mar 19
FREE Access to Stock and Finanacial Markets Trading Analysis Worth $1229! - 19th Mar 19
US Stock Markets Price Anomaly Setup Continues - 19th Mar 19
Gold Price Confirmation of the Warning - 18th Mar 19
Split Stock Market Warning - 18th Mar 19
Stock Market Trend Analysis 2019 - Video - 18th Mar 19
Best Precious Metals Investment and Trades for 2019 - 18th Mar 19
Hurdles for Gold Stocks - 18th Mar 19
Pento: Coming QE & Low Rates Will Be ‘Rocket Fuel for Gold’ - 18th Mar 19
"This is for Tommy Robinson" Shouts Knife Wielding White Supremacist Terrorist in London - 18th Mar 19
This Is How You Create the Biggest Credit Bubble in History - 17th Mar 19
Crude Oil Bulls - For Whom the Bell Tolls - 17th Mar 19
Gold Mining Stocks Fundamentals - 17th Mar 19
Why Buy a Land Rover - Range Rover vs Huge Tree Branch Falling on its Roof - 17th Mar 19
UKIP Urged to Change Name to BNP 2.0 So BrExit Party Can Fight a 2nd EU Referendum - 17th Mar 19
Tommy Robinson Looks Set to Become New UKIP Leader - 16th Mar 19
Gold Final Warning: Here Are the Stunning Implications of Plunging Gold Price - 16th Mar 19
Towards the End of a Stocks Bull Market, Short term Timing Becomes Difficult - 16th Mar 19
UKIP Brexit Facebook Groups Reveling in the New Zealand Terror Attacks Blaming Muslim Victims - 16th Mar 19
Gold – US Dollar vs US Dollar Index - 16th Mar 19
Islamophobic Hate Preachers Tommy Robinson and Katie Hopkins have Killed UKIP and Brexit - 16th Mar 19
Countdown to The Precious Metals Gold and Silver Breakout Rally - 15th Mar 19
Shale Oil Splutters: Brent on Track for $70 Target $100 in 2020 - 15th Mar 19
Setting up a Business Just Got Easier - 15th Mar 19
Stock Market Elliott Wave Analysis Trend Forercast - Video - 15th Mar 19
Gold Warning - Here Are the Stunning Implications of Plunging Gold Price - Part 1 - 15th Mar 19
UK Weather SHOCK - Trees Dropping Branches onto Cars in Stormy Winds - Sheffield - 15th Mar 19
Best Time to Trade Forex - 15th Mar 19
Why the Green New Deal Will Send Uranium Price Through the Roof - 14th Mar 19
S&P 500's New Medium-Term High, but Will Stock Market Uptrend Continue? - 14th Mar 19
US Conservatism - 14th Mar 19
Gold in the Age of High-speed Electronic Trading - 14th Mar 19
Britain's Demographic Time Bomb Has Gone Off! - 14th Mar 19
Why Walmart Will Crush Amazon - 14th Mar 19
2019 Economic Predictions - 14th Mar 19
Tax Avoidance Bills Sent to Thousands of Workers - 14th Mar 19

Market Oracle FREE Newsletter

Stock Market Trend Forecast March to September 2019

Social Security, U.S. Treasury Stealing Every Last Penny From Americans

Politics / Taxes Apr 16, 2014 - 10:53 AM GMT

By: Jeff_Berwick

Politics

All of a sudden the government lays claims to your savings. They can't prove you owe them a dime, but you're deprived due process. The legal bills become overwhelming, and so you let your money be stolen. You simply have no choice.

Sound outlandish? It's not. Not in the "Land of the Free" at least. 


For example, the US government began intercepting Mary Grice's tax refunds without any warning this tax season. Grice was unaware of the situation until she got a letter stating that her refund had gone to satisfy old debt to the government. Very old debt...In fact, debt she didn't even know about.

That debt stems back to 1960, when Grice was 4, around the time her father died, leaving her mother with five children to raise. Until the kids turned 18, her mother Sadie Grice got survivor benefits from Social Security to help feed and clothe them. But, according to Social Security, something went awry. 

Social Security now claims it overpaid someone in the Grice family – though it is not sure whom - in 1977. After 37 years of silence, four years after Sadie Grice died, the government is coming after the daughter. She is not the only one. 

Hundreds of thousands of taxpayers will receive letters like the one Grice got. Because of some unknown debt they never even knew about, that might not have anything to do with them, the government is confiscating their money. They won't have their day in court, in most cases, because they don't have the money to fight.

Already in 2014, the US Treasury Department has "intercepted" $1.9 billion in tax refunds, $75 million of which has been delinquent for more than ten years. The effort to collect old debts was ratcheted up in the last three years, the result of a sentence tucked into the farm bill lifting the 10-year statute of limitations on old debts to Uncle Sam. Social Security, the Treasury Department and Congress have all denied seeking the change. Why now?

“We have an obligation to current and future Social Security beneficiaries to attempt to recoup money that people received when it was not due," says Social Security spokeswoman Dorothy Clark.

Since the effort to collect old debts began in 2011, the Treasury Department has collected $424 million in debts that were over 10 years old. The Social Security Administration has found 400,000 taxpayers who collectively owe $714 million on debts over 10 years old. The agency expects to have begun proceedings against all of those people by the summer.

“It was a shock,” said Grice, 58. “What incenses me is the way they went about this. They gave me no notice, they can’t prove that I received any overpayment, and they use intimidation tactics, threatening to report this to the credit bureaus.”

Grice filed a suit against the Social Security Administration alleging they violated her right to due process by holding her responsible for the $2,996 debt supposedly incurred under her father's Social Security number. On its website, The Federal Trade Commission states “family members typically are not obligated to pay the debts of a deceased relative from their own assets.”

But Social Security sees it differently. If a child indirectly receives funds from public money paid to the parent, the children's money is fair game.

“The craziest part of this whole thing is the way the government seizes a child’s money to satisfy a debt that child never even knew about,” says Robert Vogel, Grice’s attorney. “They’ll say that somebody got paid for that child’s benefit, but the child had no control over the money and there’s no way to know if the parent ever used the money for the benefit of that kid...Can the government really bring back to life a case that was long dead? Can it really be right to seize a child’s money to satisfy a parent’s debt?”

Although Grice has a lawyer, most taxpayers whose refunds have been taken say they are unable to contest the confiscations because of the cost.

The Treasury initially held the full amount of Grice’s federal and state refunds, a total of $4,462. Last week, after The Washington Post inquired about Grice’s case, and then the government returned the part of her refund above the $2,996 owed on her father’s account.

But unless the feds can prove that she ever received any of the overpayment, Grice wants all of her money back.

“Look, I love a good fight, especially for principle,” she said. “My mom used to say, ‘This country is carried on the backs of the little people,’ and now I see what she meant. This is really sad.”

Does one need more evidence that the federal government is bankrupt? It's grasping at every last penny it can get by inserting legislation deep inside bills that the House of Representatives doesn't even read. One sentence is all that is needed for your savings to be confiscated. But don't worry, it is all to pay down a trifling US government debt:

Of the hundreds of thousands who have claims by the Treasury or Social(ist) (In)Security against them only 10% win their cases and are absolved of forking over money. There is nothing you can do about bureaucracy once bureaucracy decides to come after you. In the future there will only be more of the same as government agencies seize funds, including the nationalization of IRAs and pensions.

The best way to protect yourself is to get your funds and assets outside of the US preferably not even in your personal name. That is where The TDV Wealth Management Conference comes in.  Only here will you learn the ins-and-outs of the new American system, and the options available to you, as an American, at the end of empire. Don't miss out. 

Anarcho-Capitalist.  Libertarian.  Freedom fighter against mankind’s two biggest enemies, the State and the Central Banks.  Jeff Berwick is the founder of The Dollar Vigilante, CEO of TDV Media & Services and host of the popular video podcast, Anarchast.  Jeff is a prominent speaker at many of the world’s freedom, investment and gold conferences as well as regularly in the media.

© 2014 Copyright Jeff Berwick - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Jeff Berwick Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules