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American Morning
Minding Your Business: Uncle Sam Owes a Lot of Americans
Aired November 14, 2002 - 08:48 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Let's talk about, what, taxes? Alan Greenspan?
ANDY SERWER, "FORTUNE" MAGAZINE: Let's talk about the market. Yesterday, not a bad day. The Nasdaq and Dow up. The stocks were up sharply in the morning when news of the U.N. resolution came out, then when the White House expressed skepticism, how often we've seen this, the stocks moved back, still ended up positive on the day. The market really wants resolution of the Iraq crisis, but then so does everyone else.
Alan Greenspan spoke yesterday, Bill, this is the real big news, and so often, as he does, moderation, common sense, middle ground. He offered something for the Democrats. He offered something for the Republicans.
Basically what was going on here is he really sort of -- first of all, he said the economy is in a soft patch, not a recession. But he sort of criticized President Bush's idea of a tax cut extension, and also more tax cuts, saying he doubted that would really stimulate the economy. The tax cut extension basically means that you're extending the tax cut beyond 2010 to 2011. To me, that makes sense. Why we are creating tax policy nine years down the road does not make any sense.
On the other hand, he did criticize the Democrats' proposal to freeze or roll back tax cuts. So again, finding a middle ground. He is concerned about a budget deficit at this point. So something for everyone, although the president expressed some disagreement.
HEMMER: Is this something for everyone? do you think he's trying to please all sides in his testimony yesterday, or?
SERWER: I think there is some of that, although I would say the president is probably more disappointed than the Democrats, because the president is looking for more physical stimulus.
HEMMER: Tax cuts? You say Uncle Sam owes you money?
SERWER: Yes, Uncle Sam owes a lot of Americans money. Apparently, the IRS says it owes Americans $80 million. This is in unclaimed tax refunds. It's sitting there. It's out there. People. Go to the Web site, put your Social Security in there, your Social Security number, go to this Web site, flood this Web site. Put your Social Security number in there at that Web site. Call the number up. 96,000 taxpayers apparently are owed this money. There will be $833 per taxpayer. Bill Hemmer, it's your birthday. Go there. See if you're owed some money, $80 million, can you believe that? HEMMER: We will check that out. You've said you don't believe the markets will stabilize until the Iraqi question is behind us?
SERWER: Will not happen.
HEMMER: Thank you.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired November 14, 2002 - 08:48 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Let's talk about, what, taxes? Alan Greenspan?
ANDY SERWER, "FORTUNE" MAGAZINE: Let's talk about the market. Yesterday, not a bad day. The Nasdaq and Dow up. The stocks were up sharply in the morning when news of the U.N. resolution came out, then when the White House expressed skepticism, how often we've seen this, the stocks moved back, still ended up positive on the day. The market really wants resolution of the Iraq crisis, but then so does everyone else.
Alan Greenspan spoke yesterday, Bill, this is the real big news, and so often, as he does, moderation, common sense, middle ground. He offered something for the Democrats. He offered something for the Republicans.
Basically what was going on here is he really sort of -- first of all, he said the economy is in a soft patch, not a recession. But he sort of criticized President Bush's idea of a tax cut extension, and also more tax cuts, saying he doubted that would really stimulate the economy. The tax cut extension basically means that you're extending the tax cut beyond 2010 to 2011. To me, that makes sense. Why we are creating tax policy nine years down the road does not make any sense.
On the other hand, he did criticize the Democrats' proposal to freeze or roll back tax cuts. So again, finding a middle ground. He is concerned about a budget deficit at this point. So something for everyone, although the president expressed some disagreement.
HEMMER: Is this something for everyone? do you think he's trying to please all sides in his testimony yesterday, or?
SERWER: I think there is some of that, although I would say the president is probably more disappointed than the Democrats, because the president is looking for more physical stimulus.
HEMMER: Tax cuts? You say Uncle Sam owes you money?
SERWER: Yes, Uncle Sam owes a lot of Americans money. Apparently, the IRS says it owes Americans $80 million. This is in unclaimed tax refunds. It's sitting there. It's out there. People. Go to the Web site, put your Social Security in there, your Social Security number, go to this Web site, flood this Web site. Put your Social Security number in there at that Web site. Call the number up. 96,000 taxpayers apparently are owed this money. There will be $833 per taxpayer. Bill Hemmer, it's your birthday. Go there. See if you're owed some money, $80 million, can you believe that? HEMMER: We will check that out. You've said you don't believe the markets will stabilize until the Iraqi question is behind us?
SERWER: Will not happen.
HEMMER: Thank you.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
