The federal government, in its insatiable appetite for more of your hard-earned money, is now going to tax the living daylights out of frequent flyers.
According to the KYPost.com:
Frequent flyers across the country are howling mad over a letter Citibank is sending to many of its customers.
The Los Angeles Times says the letter informs customers that the frequent flyer miles it hands out with many accounts and credit cards are taxable as income, and that it will be reporting the information to the IRS this year.
Some Citibank customers are now complaining that they will owe tax on $600 of income because they received 25,000 frequent flier miles as a bonus for opening an account or credit card. This means they will owe the IRS more than $150, even if they never end up using those miles.
How's that hope and change working out for you?
Read more: http://www.kypost.com/dpp/money/consumer/dont_waste_your_money/your-frequent-flier-miles-may-be-taxable1327443919257#ixzz1lKyFCs00
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