In an effort to find more sources of revenue, the government is now looking to collect on unused gift cards.
Yesterday, The Wall Street Journal reported that more and more cash strapped state governments are considering legislation to collect on unused gift cards. With an increase in job losses and bankrupt businesses—states are facing further reductions of tax revenues; sending them on the prowl for new sources of cash flow.
The government’s rational is that the gift cards are considered “abandoned property”. And there is a lot of money to be collected. According to the financial consulting firm TowerGroup, $6.8 billion goes unused each year from gift cards.
What do you think? Should the government take your unused gift cards?
To read more about the story and to see if your state is considering legislation, go to WSJ.com.
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