And my Tea Party was hateful?

Tuesday, November 11, 2008

Predatory Lending…

Evil banks gave poor unassuming homeowners loans with adjustable rates and other slick schemes to place these individuals in a home. Congress is enraged despite the role Congress played in mandating these loans. The media is harping about the evil greed on Wall Street, but no one is talking about the most predatory leader of all, the IRS. The IRS is the dirtiest three letter word in the American English vocabulary. Every year, I fill out my application with the IRS and hope I have not violated the terms of our contract. I never signed any paperwork to enter this contract and there is no way to terminate before mentioned contract.

The terms of my contract change annual and I can not understand the terms of the several thousand page tax code aka my contract. If I failed to hand over enough of my paycheck each week, I will owe the IRS. Unlike the Government, I can not simply print more green backs. I have to work for it. If I can not produce the money by a non-negotiable date I will be charged penalties and interest which far exceed that of any traditional or predatory loan. If my paper work arrives to the IRS late, I owe 5% plus the federal interest rate every month up to a total of 25%. In addition I am charged 0.5% per month in late filling fees to a total of 25%. Standard penalties are then added to my debt based on the amount owed and the amount earned that fiscal year.

Next time you hear a Congressmen talking about predatory lenders and how they have tricked the American public. Think about the penalties the IRS can impose. No special committee will meet in Congress to bail out your tax debt. No Senator will pressure the IRS to renegotiate the “loan”. Failure to pay the IRS could result in jail time, despite a few references in the Constitution about not imprisoning individuals for unpaid debt. I gain no property or other fringe benefit from writing that check to the IRS each year. To make matters even worse, the IRS never loaned me money. The IRS is a predatory borrower, except they never return the cash. That would make them a predatory thief? Either way, it is far less honest than anything the mortgage companies ever tried.
But no one listens to me
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