Is there a federal agency left under President Obama that isn’t skirting Congress and making up rules and regulations as they go along? The Internal Revenue Service is the latest in a long line of agencies ruling by fiat, and what they’re doing will make banks agents of the federal government as well as foreign governments, and discourage foreign investment in the US.
Dan Mitchell explains:
Earlier this year, the Internal Revenue Service proposed a regulation that would force American banks to become deputy tax collectors for foreign governments. Specifically, they would be required to report any interest they pay to accounts held by nonresident aliens (a term used for foreigners who live abroad).
The IRS issued this proposal, even though Congress repeatedly has voted not to tax this income because of an understandable desire to attract job-creating capital to the U.S. economy. In other words, the IRS is acting like a rogue bureaucracy, seeking to overturn laws enacted through the democratic process.
But that’s just the tip of the iceberg. The IRS’s interest-reporting regulation also threatens the stability of the American banking system, makes America less attractive for foreign investors, and weakens the human rights of people who live under corrupt and tyrannical governments.
This Center for Freedom and Prosperity video outlines five specific reason why the IRS regulation is bad news and should be withdrawn. …Read More
Another day, another example of the Obama administration harming the economy while thumbing its nose at the American people and our elected representatives.