Between J. P. Morgan Chase’s $2 Billion trading loss and the video below which I have linked for your viewing enjoyment – I guess this is a weekend to write about financial matters.
The video is from an Indianapolis news station and details their investigation into how the IRS is sending our tax dollars to illegal immigrants based on fraudulent returns in which they are claiming credits for children who live in Mexico.
This is not meant to be an indictment or statement about illegal aliens, but rather, a statement about the people who run our tax collection system – all one hundred thousand of them.
As you will see, this fraud costs the Treasury approximately $4.2 Billion per year. But that is not the most disheartening aspect of the problem. What is discouraging is that the IRS has been aware of the problem for years – and has done nothing to stop it.
For those who think that the solution to all our problems is enacting even more regulations, perhaps you may reconsider your position after you see how those who run the government turn your tax dollars into pesos.
Incidentally, when you click on the link you will see a popup asking whether you would like to subscribe to the site that provided the video. You do not need to do so in order to view this piece – merely “X” out of the box.