1 September 2009
According to today’s Wall Street Journal, “…the Internal Revenue Service will expand a program designed to catch tax cheats that searches for inconsistencies between mortgage payments and income. After prompting from an IRS auditor, the agency will study whether it should make greater use of data on mortgage-interest payments provided to it by banks. The IRS currently uses such data to send notices to non-filers who it believes should have filed a return. The data could also be used to target for audits individuals who don't file tax returns, or who report less income than they paid in mortgage interest, according to a letter released Monday by the Treasury inspector general for tax administration. The IRS move will expand a regional research project on mortgage interest to a nationwide level by December 2011. Such initiatives, called Compliance Initiative Projects, typically involve examination of a small number of tax returns to evaluate new enforcement strategies…”
In other words, if you own a home, pay a mortgage, and are elderly/retired/living from pensions and investments, you can expect to be pummeled by the IRS as part of Obama’s campaign against older Americans. Perhaps he can squeeze even more money out of people who have worked and saved and give it to his supporter base of the lazy, the mean, the stupid, and the passionate communist. It’s a small step from, “Obama will pay my rent! Obama will pay for my gasoline! Obama will give me free health insurance!” to ‘Obama will give me the money selfish old people have!’
Perhaps the unctuous Robert Gibbs can be asked about this at the next White House news conference.