How Unused Gift Cards Power Delaware’s Economy
ฝัง
- เผยแพร่เมื่อ 31 ส.ค. 2023
- Use go.nebula.tv/polymatter for 40% off an annual subscription of Nebula.
Get a Lifetime Subscription to Nebula for $300 for a limited time: go.nebula.tv/lifetime?ref=pol... (both new and current subscribers are eligible)
Watch this video ad-free on Nebula: nebula.tv/videos/polymatter-h...
Sources: pastebin.com/QyMR3tJt
Twitter: / polymatters
Reddit: / polymatter
Email: polymatter@standard.tv
How I Make These Videos: skl.sh/2OW1YQR
Music by Graham Haerther (www.Haerther.net)
Audio editing by Eric Schneider
Motion graphics by Vincent de Langen
Thumbnail by Simon Buckmaster
Writing & Direction by Evan
This includes a paid sponsorship which had no part in the writing, editing, or production of the rest of the video.
Music by Epidemic Sound: epidemicsound.com
Video supplied by Getty Images
Maps provided by MapTiler/OpenStreetMap Contributors and GEOlayers 3
Select footage from the AP Archive
![[TH] VCT Masters Shanghai Playoffs DAY 3 // FNC vs FUT | EDG vs PRX](http://i.ytimg.com/vi/pw2T5v0ogDI/mqdefault.jpg)
Hi there - Nebula is offering something unusual for a limited time: Lifetime Subscriptions. If you're looking for the best deal, I still recommend subscribing for a year at a time, at just $2.50/month. But if you strongly believe in what we're building, want to support PolyMatter more directly, and/or just don't like subscriptions, you can pay $300 today to get access to Nebula forever. go.nebula.tv/lifetime?ref=polymatter
Why are we doing this?
Nebula has never taken VC money. It's important for us that creators have a stake in the business. Lifetime subscriptions are a way of getting more money today so that we can invest in more exclusive content and keep making Nebula even better. We tried it on an experimental basis earlier this year and were really surprised and delighted by how popular it turned out to be.
How long will this last?
This is not a permanent subscription tier. It's a limited time offer. We may or may not offer Lifetime in the future. If we do, the price may increase.
Do I still get Nebula Classes?
Yes, this is a full, unrestricted subscription to Nebula.
I already have Nebula. Can I still sign up to Lifetime?
Yes! Anyone is eligible.
In any case, thanks so much for watching!
Forever*
*(until the people running it come up with some dumb scheme to make more money and end up killing the entire thing)
Sorry shill man. I've seen this stuff countless times
hey just wanted to tell you nebula doesnt seem to be working on my huawei phone, I'm getting spammed with "The media couldn't be loaded: 3" as well as automatic refresh and error repeats
An accounting nightmare, permanent debt essentially
If Real Life Lore would cite sources, it would help their credibility. A lot of the videos sound like conjecture, and with no evidence presented, it's hard to take them as seriously as this channel and many others
I already have a Nebula Lifetime Membership for $250.
So y'all paying the $300 can take heed that indeed the price does really increase when it comes back in the future. :)
People: oh hey, I have an unused Amazon gift card. I should use it...
Delaware: DO NOT REDEEM! DO NOT REDEEM!
🤣🤣🤣🤣🤣
Elite Scambaiting humor
OMGGGG I LOVE THIS
THIS IS THE FUNNIEST COMMENT ON TH-cam (if you get the reference)
NO MADAM, NOOOOOO!!!!
The “average” American spends 600 dollars on gift cards every year??? I don’t even give 600 dollars in gifts in a year… that’s an insane number to throw out there haha
well someone's doing it1
Okay, I did some math, look at this:
- The U.S. gift card market generated $499.4 million in revenue in 2022 and grows 8.2% annually.
- There are 331.9 million people in the USA
499.4m / 331.9m = $1.50 per American per year on gift cards, or 400x less than the stated 600 from this video. Not sure what’s going on with the math but that can’t be right.
Whats the adult population?
@@amanpanda4497It’d have to be under 1 million for the $600 number to make sense so I’m not sure it matters much unless there’s 330 million infants running around haha
EDIT: found this number with a quick google - 259,219,518. Not sure who is so bold to think they know the exact number of over-18’s in the US, but the rough number should be enough to see there’s no way it lines up.
@@amanpanda4497good thinking
The second worse non horrific thing behind tipping culture is the idea that cash is a bad gift, even though it's more flexible than a gift card
Obligatory gifts of any kind are the real scam. Why give each other birthday or xmas presents in the first place? If nobody buys gifts, everybody can use the money to buy what they want. Obviously this doesn't apply to giving to kids or anyone unable to "join" in the gift giving racket.
Cash being a bad gift was a major culture shock for me when my parents first moved to Canada, receiving cash as a gift from family members and close family friends is normal in central Asia where my family originated.
@@kuromadyou must not have a family or anybody you love. The point is to get something for somebody you like, as a way to show your care for them....
@@mountainmamma1643youre just brainwashed
@@mountainmamma1643bad take. If you want to give gifts to the people you love, give your time. It's a better gift than anything else you can give.
Remember to check unclaimed property every now and then. I checked once and saw that Delaware had the unused portion of my Starbucks gift card.
Where do you check for that?
@@basicnpccjust type "Delaware unclaimed funds" into google, you can also check in your own state and any state you've ever lived in
@@basicnpcc I'm curious as well
@@basicnpccHe probably tried using it.
@@basicnpcc Google "unclaimed". You're looking for the org site.
From what I am aware of, Delaware is a little domestic tax haven for corporations based in the US… There is even one building with 100,000+ registered companies based at that one address for tax and accounting reasons… No surprises here.
Gotta feel bad for the mail delivery bloke who works that address, though.
@@palindrome. True.
300,000+* 😅
The capital city of Delaware has a post office processing centre larger than New York Cities.
I had to stop and comment…what a line!! “The Court did what courts are good at…conceal the arbitrary nature of its ruling with complexity” 😂😂😂
A barrrrr😂😂😂
This whole video’s premise is about 6 months out of date. The Supreme Court changed the rule in a case about this so that the state where the card was purchased gets the money.
Wow you're right, I just looked it up and this is insanely out of date. What a waste of time, now I wonder what other videos of his aren't accurate. If he missed something as big as that, then I imagine plenty of them are as well, what a way to lose a sub.
Pin this comment!
Bruh lol this should be pinned
BRUHHH
I doubt most creators would pin that comment because best case - it basically calls them lazy in their research, and worst case - he didn't care about truth and just wanted to push out a video. Too big of a hit to the ego imo. Much more likely he'll just make his own pinned comment and say "after further research, this no longer applies. Follow up video coming soon!"
For fuck's sake people, just give cash. No it's not tacky. It's WORSE to give gift cards. It's okay if you don't know what to get someone ffs.
Chinese Red pocket money style
Money Envelopes
Just go out and get some red packets, gives it an arua of ceremony
I can imagine other case for gift cards. When a person has cash, but didn't open the online banking or banking account yet, but want to use online shopping. Let's say a foreigner who came to work/study to some bureaucratic European country, and needs to settle down, therefore buy a lot of stuff online. But it could take ages until he gets a bank account(with online banking). Therefore it's easier just to buy Amazon gift card in the nearest shop and upload it to his Amazon account.
@@rustix3which is an extremely specific use case
I regifted a Starbucks card after literally 20 years, and it worked. So it would seem that Starbucks at least holds their own, and doesn't let Delaware claim them.
If you're in Cali, its State law that Giftcards have to be honored until the company goes out of business.
I think a lot of people would appreciate it if you added some brief annotations to your sources.
fr
poly needs an a youtuber audit like johnny harris got
1) Wikipedia
One thing I wonder though is when do they claim an unused gift card? If it says that there is no expiration date for the funds, and then I use the card, what happens if Delaware already claimed it? Or does that even happen?
Grand scheme of things it isnt much. You might use 30$ on your gc and delaware gives it back to the company and just cuta their future spending by that amount
I too felt like this aspect of the video was lacking. Spent only a few seconds on the actual methodology.
I doubt a single person I know buys anywhere near $600 in gift cards per year. If you said the average was $60 I’d wonder if it’s still that high
Can't help but wonder if the average is dragged up by scam victims spending $1000's on cards destined for the scammers?
@@MPXenonThat's probably the exact reason why, $600 is way too higher of a figure for average people but if you get a few people buying $1000+ that'll drag up the average
That's the difference between mean and median for you
Never clicked faster, Delaware and obscure financial inventions 🤩
Same
Wonderful--yet another grievance to fuel my vendetta against the state of Delaware.
Let me guess. Another grievance is Biden?
I never trusted Delaware. It's a weird shape. An untrustworthy shape.
@@CharChar2121yea it even sounds like a Tupperware knock
All my homies hate Delaware
That’s all this video is. Someone that has an issue with DE
"It sounds like Delaware is colluding with Big Corporate" and it is
A card that has no expiration date is that and you can have a stack for years and companies can tell you the total. IF EXPIRATION date on it it dies. Delaware might take but corporations have to abide by the laws on that date by Federal laws which I think has a loop hole for them to become "unclaimed" by state laws. Most states, in fact no other per what I can find, take gift cards as unclaimed.
"but they're not" well maybe not in this case but in other senses for sure
It's so bad some towns lets corporations vote in local elections.
I still don't get why Delaware gets the unclaimed giftcards of companies that aren't even registered there
The funny thing is almost every company incorporated in Delaware is at the same address on Orange Street in Wilmington Delaware. It just a 4 story building with PO boxes. Wilmington is also an extremely poor crime infested city. The rest of Delaware is rural poor with a few rich families. Delaware is a giant scam.
We're attracting a bunch of rich retirees from out of state too these days, but yeah this is a fair assessment. I grew up in the poorest town in Delaware.
This is super convenient because I was recently contemplating the best way to destroy the state of Delaware. Now I know, I just need to use the remaining value on all my old gift cards. Thanks PolyMatter!
this is insane. thanks for shining light on it
Very interesting video, PolyMatter!
Are those auditing firms just given open access to the transaction records of the companies so that they can find unspent gift card money?
Thats heavily distorted I think. Outside of christmas and birthdays, I'd be surprised if the average person buys any gift cards. Mostly gift cards are bought by companies to hand out like candy for good behavior. My company gives out hundreds in gift cards every month.
It's an average, if 1 person buys a trillion in gift cards and 300,000,000 person don't buy any, on avg they all spend 3000 on giftcard each year
Agreed, how tf is the average American buying $600pa in giftcards on a $7ph min wage?
I personally purchase over a thousand dollars a year of gift cards whenever they are on sale for my own personal use
i think starbucks alone is one of the biggest driver of the average. i can eeasily see starbucks customers spending more than $600 a year on their gift cards
Well, I guess Delaware would win Monopoly then.
How do gift cards are even unclaimed? If it expires it go go back to the company? And if not, wouldn't it just be an unredeemed banlace on the company's books?
The shot at the end is glorious sir
I would just like to say that some are commenting that a rulling in which gave moneygram's unclaimed checks to the state in which the purchase originated these purchases were considered as money orders which doesn't apply to gift cards
Maintaining a tiny country as a clearing house for money and property is the most European thing
*swiss thing
That ad segue was great 😮
So Delaware is basically Switzerland.
Greetings from Switzerland ❤️🇨🇭
*Liechtenstein
Greetings from Delaware
What a wild video - how in the world did you come across this topic?
If I were going to guess, a Supreme Court case from last year, Delaware v. Pennsylvania. A case which involves this same issue in the context of MoneyGram money orders, which Delaware was also trying to claim should escheat to itself instead of any other State.
Good to see you man
he finds some really weird and rare topics
For some reason this video sounds slowed down. I can’t tell if it’s actually narrated in real time, or if it was slowed down. (Playing this at 1.25x sounds pretty normal)
I thought most gift cards no longer expire. So how do they determine when it is unclaimed? And what happens if someone finds their gift card and tries to use it after Delaware has already taken the money?
That 2% he mentioned is probably their slush fund in case things do end up getting claimed.
When do gift cards become eligible for the state to claim it? I'm confused on the timing.
I found something very lacking in this video -- the "how to" part. How does an auditor know how much a company has in unclaimed gift cards? How does the company know? And even if known, does Delaware have an enforcement mechanism? If yes, what is it? Can they force a company that incorporates there, but has their office in Texas, to turn over their gift card records? ANY details would have been great ....
all of this is just telling me... if all 50 states had a solid loophole to tax me, they would do it.
:0 Delaware made it into a PolyMatter video!!!
-From a Delaware local
Polymatter can you please quote where the $600 a year figure comes from another person below pointed out to be total giftcard sector revenue divided by total Americans only makes it about a $1.50 per person
Another figure I found put it at about $20 a year both nowhere near the $600 a year
great video
How is cash considered bad? I absolutely hate digital and hate gift cards even more. It reminds of how companies use to issue their own currency in towns they controlled.
So what about gift cards internationally? As they also sent to this location
It is one of the big secrets of becoming a multi billion dollar company.
Modern problems require modern solutions.
Wow! Never expected this 😂😂😂😂
Ngl, thumbnail looks like an ad
3:57 "Concealing the arbitrary nature of its ruling with complexity" DAMN
Lifetime nebula for half the average a us citizen spends on gift cards seems like a good deal.
I dont get it why shoundt the company get the money in the beginning because you bought it from them. Then you can use your gift card with the amount you choose. If you dont use it the company just doesnt have any further costs and so has this profit
Good on em
Even if it’s a total overstep by the state, I kinda love the fact that little Delaware is just gobbling up everyone’s gift cards not giving a single fuck
Not buying gift cards to own the state of Delaware!
It's time to tax Delaware at 3x the rate of everyone else.
Pls don't, half the state can't afford housing. The only rich county is Newcastle the rest of us are struggling. That's where all the corporate offices are, even the rest of the state hates them.
F U life is hard in New Castle County already
I like this. Now Delaware can get most of its money from big business instead of taxing the hell out of its residents like other states (New York).
Want low taxes? Go to Delaware. That's what I did.
How does State Politicians come to think of these random assets or services? I didn't know gift cards were seized if it wasn't used.
Unused gift cards in the US are often seized by the state, with Delaware being the state that profits the most. Delaware is one of five states with no sales tax and low property taxes, but collects a significant amount of revenue through unclaimed gift cards. All 50 US states have laws that allow them to claim unclaimed property, but these were originally envisioned with physical property in mind. With the rise of intangible wealth, such as gift cards, the system has become more complicated. The Supreme Court has attempted to resolve disputes over which state is entitled to unclaimed property, but their rulings have often been complex and arbitrary. Delaware has become a popular state for corporations to register in due to its lenient tax laws, with 95% of businesses that incorporate outside their home state choosing Delaware. The state's Division of Corporations is known for its speed and efficiency, making it an attractive option for businesses.
Scary, haunting music would go well with chapter one 😂
So 'Ozark' should of setup their series in Delaware as it seems to be capital of money laundering too?😅
I live in Delaware. You have no idea. Most of the fortune, 500 companies are incorporated in Delaware. Some of the most important court cases in the world happen here too.
And it's mainly run by Blackhawk networks a private monopoly.
So Biden releases Victor Bout and just so happens to be the Delaware representative.
Hail to thee proud Delaware, in loyalty we stand
Now I know what a rogue state means.
I much prefer assuming that you should pronounce the last two vowels in "escheat" separately, along with the Greek CH, so that it's similar to "S - K - Ott" because that's how you pronounce Latin words that look similar, and the work clearly comes from Latin. I know it's not how it's pronounced in English, but I can dream.
I really dislike how little separation the is between the content and the ad for Nebula.
Reminder that courts only have power when government decides not to pass or clarify laws.
SCOTUS also has power to overturn laws that violate the constitution, or determine how to deal with a conflict between two or more states that have to do with the interactions of their laws.
This guy has an axe to grind.
Don't forget, 10% for the big guy!
This demonstrates that economic vigor and advancement is inversely proportional to taxation.
I love how you described the courts. It's a very useful statement i shall use.
I was thinking at the beginning “bro the government takes it”😂
This all makes me want to start a business and move it to Delaware. I wonder if the Big Guy gets his 10% of this.
I rarely receive gift cards but when I do they’re usually coffe shop ones and I use them almost immediately😂😂😂
How is Delaware turning gift cards into money? Auction them off? How if they don't physically have them?
TIL Delaware is a diagonally cut Connecticut.
3:51 oof
The states formed the federal govt, it's not like the federal govt gave them permission to do things ("delegated"). What you said at 10:30 sounds backwards.
But how does the unused/lost gift card translate into money in the state’s hand? Does the company pay the government?
It's misleading to call these collections of unclaimed property "revenue". The money is an asset of the state that are generally available to spend, but technically they can be claimed, or at least should in theory be able to be claimed, so the state should recognize a liability when taking the money, not recognizing revenue. However, I admit that government accounting is often done differently than corporate accounting, and thus the state might be able to claim it as revenue. From a paper by the "National Association of Unclaimed Property Administrators", "Most states do not hold the unclaimed property in trust or otherwise segregate funds, until missing owners are located. Rather, a majority of states take unclaimed property collections into general revenue at the conclusion of a fiscal year. The liability to pay reappearing owners is acknowledged; however, claimants are typically paid from current receipts. Because some percentage of property is never claimed, states have generally not encountered cash flow issues under this model. While some states initially did create “trust funds” in which all unclaimed assets were maintained, over time they
have been viewed as holding “surplus” funds, which have been redirected in part by state legislatures."
I also have to say that it definitely had to be scary to face down those unclaimed property audits where you get large bills from the state that have no basis in reality, but I don't think it should be all that hard to prove that you don't have anyone's unclaimed property unless you're a really small business that doesn't have a full accounting department, in which case I don't think the state would think you'd have much that you'd owe. I do acknowledge though that such small business owners are far more likely to just remove the liabilities from their accounts and record them as revenue than actually make the effort to give the money to the state. There's a bunch of procedures you have to follow first, and then there's paperwork and time limits and all sorts of stuff that most of them will not want to bother with as they don't have enough time or manpower to deal with it.
Love the random polish roblox card stock footage 😂
Gift cards are the worst gift. Just give money instead. It doesn't expire, and it can be used in any store.
i always knew they were up to something
Other states have a choice. They can either get mad, or they can "git gud." I don't like the characterization of this situation as a "race to the bottom." People who open businesses tend to prefer doing so in locations with minimal taxes, streamlined regulations, and an efficient and fair adjudication process. Delaware has these things in spades. Instead of complaining about it, other states and jurisdictions should seek to emulate Delaware's legal framework.
Then tax revenues fall, sevices get cut and everything gets worse for everyone but the the assholes dodging taxes.
Hence a race to the bottom.
Sounds like the loop-loophole is to place a return address on gift cards 🤷♂️
wayyy to many ads for the length of this video
LOL, naughty Delaware.
a lot of people seem to think the $600 is too high but i think theyre missing that most of it is definitely not "gifted"
im pretty sure starbucks alone is one of the biggest driver of the average. i can eeasily see starbucks customers spending more than $600 a year on their gift cards
the rest is probably majority from people buying gift cards for themselves cuz of a discount or smth
also idk if this is still a common thing but when i was a kid i would buy gift cards with my cash so i could use them online without asking my parents lol. i feel like this is probably still a thing especially in gaming
I tried to do that with my Laura Ashley and that's been debunked. Same with my m and s card as well. It's like they shifted it to HSBC. They shouldn't do that cos it's basically mean it's my locked money. I lost it all when its expired. So it's like its acting as basically ... it just sucks all your money basically. I rather give cash now after i found out what's happened.
delaware is unaware
Finally, an "aware" pun on Delaware.
I havent bought a gift card in like 5 years. $600 a year on average?!?!
But why Delaware is a monopoly in this field. Is there no other state with 0 corporate taxes? No other small state want to grab this opportunity?
This is so damn random lolol Delaware gets lost and forgotten GCs
jeez that's nasty. corpo-America really is a pretty cyberpunk dystopia
Lots of giftcards!
I mean, I appreciate the info, my man, but how do I know that Bloomberg's ownership of Nebula doesn't color your opinion on how corrupt or non-corrupt this system is?
I keep telling people stop buying gift cards, it’s a economic black hole where you turn your universally accepted currency into seashells
Pro tip: just give cash. Basically no restrictions.
This doesn't make sense or is at least leaving out important information. How could Delaware know which gift cards are unused? Is there a forced expiration period?
Biden has 6k gift cards on hunters laptop 😂
So your solution to the federal government giving Delaware this “exclusive” power is to ask the federal government to regulate stuff like this even harder?
Why? Just remove whatever restriction you fail to go into detail on so the states can all compete on the same level. No need to give the government more power than it already has.
At 5:26, I noticed you made a mistake. You put Hong Kong as a country, but really it's a place in China.
Time for Congress to crack down on Delaware.