
Giving the IRS $80 Billion to Raise Taxes
The operation of the IRS is something with which I am vaguely familiar having dealt with them regularly for over 40 years. President Biden wants to give the agency more money on the proposition that rich people and corporations cheat on their taxes. He apparently believes that greater enforcement will bring in $700 billion (Treasury Dept estimate) over the next decade. And Santa Claus and the Tooth Fairy are my personal friends.
Let’s start with how the agency got in this fix. President Obama used the agency to squash applications for non-profit groups during his first term. Remember his henchman, Lois Lerner? The Republicans said if the agency has money for that garbage, then they have too much money. Thus, the agency lost funding and never got it back.
The Washington Post decided Biden’s plan made sense; thus, they were going to try and convince the world. They worked with five prior IRS Commissioners to produce an Opinion piece endorsing Biden’s plan. Three of the Commissioners were from the last century. In tax terms, these three may as well be Fred Flintstone given how frequently radical tax changes occur. At least they are still alive and are tax… Read More