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Summary and Comments

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Category: 

Taxation

Date: 

1998-05-08 18:50:15

Subject: 

Senate Votes 97-0 to Rein in the IRS

  Link:

http://www.abcnews.com:80/sections/us/DailyNews/irs980506.html

Comment: 

The Internal Revenue Service is visibly on the defensive as never before in our lifetimes. IRS Commissioner Charles Rossotti begged the House Ways & Means Committee not to pass this legislation when the Senate sends it back to the House for final ratification. He used y2k as the excuse. But the House originated this bill, and the Senators are behind it 100%. The Senate voted unanimously to pass this bill on the day that Rossotti made his plea in the House. The legislators are not listening to the IRS -- the first time I can ever remember this.

Rossotti was probably telling the truth. These changes will make it difficult for the IRS to meet the deadline.

The Senate actually voted to place the IRS under common law. The taxpayer is now to be considered innocent until proven guilty. No more Napoleonic code! This is a monumental reversal.

Of course, when the banks go down, the reform will become a moot point. The IRS will not be able to collect from anyone because the IRS depends on checks. When the fractional reserve banks fail in 2000, there will be no checks or balances, digitally speaking.

This appeared on ABC News (May 8).

Link: 

http://www.abcnews.com:80/sections/us/DailyNews/irs980506.html

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