The IRS Power Grab You Weren't Told About
The $2.5 Billion Taxman Trap
The $2.5 Billion Taxman Trap
Folks, there's something brewing in Washington that should have every hard-working American's blood boiling. It's a multi-billion-dollar scheme straight out of the radical left's playbook - a costly government overreach designed to dig even deeper into your pockets.
The culprit? Biden's so-called "Inflation Reduction Act" which ordered up a $2.5 billion program over 10 years for the IRS to develop a "Direct File" system. Their plan is to let you file taxes directly with the IRS instead of using free private options. Sounds harmless, right? Wrong.
State financial watchdogs from 18 states are ringing the alarm bells. They call Direct File "a solution in search of a problem" - an utterly pointless drain on $2.5 billion in taxpayer money just to recreate services already provided better by the free market.
Even the IRS's own study partner admitted barely 15% would use this duplicate system over what's already available. A quarter of our nation sees right through this big government con job.
Punishing Lower-Income Families
But the deception runs far deeper. State officials warn Direct File has "potential to do more harm than good" - especially for lower-income Americans just trying to keep their heads above water.
How? By tricking these vulnerable families into thinking they've filed all their taxes through the IRS system when in reality it only handles the federal portion. Many would miss their state filings, forfeiting refunds their bare-bones budgets were depending on.
Worse, they could then face audits, fines, and penalties - the taxman's twisted idea of "properly preparing" their returns. This IRS boondoggle isn't just wasting billions, it's risking the financial security of our nation's most vulnerable households.
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Trampling State Rights
Speaking of states, the bureaucrats pushing Direct File have zero regard for their sovereign authority over tax administration. The program is backhanded federal overreach plain and simple.
It mercilessly wades into state taxation while refusing to process state returns - a catch-22 of incompetence. This unfunded mandate would then force strapped state budgets to reallocate precious resources toward enforcement just to clean up the IRS's mess.
So much for respecting our system of fiscal federalism. This Washington invasion strips states of their constitutional rights while leaving them to deal with the aftermath. All for what? Replicating services that function just fine through the free market system.
Our Financial Futures at Risk
Make no mistake, as investors we cannot afford this level of cronyism and fiscal negligence from our government. Every billion misspent is another hit to our portfolio values thanks to artificial inflation and instability for the U.S. dollar.
We've already witnessed the reckless money printing and deficit spending that's put a pandemic-level strain on our nation's finances. Do we really want to double down on that losing strategy?
The choice is clear - we can embrace the pro-business, pro-growth philosophy espoused by Republican leaders in those 18 states taking a principled stand. Or we can idly accept the left's descent into a centrally-planned economic disaster.
For the sake of our children's futures and our own retirement nest eggs, we must rally behind the conservative frontline rejecting this blatant IRS overreach. Our prosperity simply cannot sustain any more of the D.C. swamp's wasteful spending addiction.
James Reagan