Random Doodle #30
Looking back on posts, I realized that I neglected to do a roundup of random links last weekend. It’s become such a part of established blogging routine, that I feel a little out of sorts.
On Taxes…
This Associated Press headline was the kind to make you stock and smack your forehead:
IRS: Budget cuts would hurt service, raise deficit
WASHINGTON (AP) — (Oct 17, 2011) Legislation that would trim hundreds of millions of dollars from the Internal Revenue Service budget would force significant cuts in the services it provides taxpayers and cost the government $4 billion annually in lost revenue, the agency warned Congress on Monday.
In a letter to lawmakers, IRS Commissioner Douglas Shulman said the budget cuts “would lead to noticeable degradation of both service and enforcement and would have a serious detrimental impact on voluntary compliance for years to come.”
Is there seriously any adult taxpaying American who thinks this is bad news? I wasn’t aware that the IRS actually provided a “service”. Given a choice from a long list of parasitical Federal Government agencies (like the ones that go after Amish farmers and California co-ops: The Freedom To Buy and Sell Raw Milk ) , I think most folks would whack on the IRS, first and foremost every single time. With great fury and righteous anger.
From further into the article, comments from select Congress-critters give proof positive that sleaziness is a bipartisan characteristic:
Michelle Dimarob, a senior Republican adviser to the tax-writing House Ways and Means Committee, said IRS enforcement actions resulted in 17 percent more revenue in 2007 than in 2006, even though the IRS budget did not increase.
Rep. John Lewis, D-Ga., a member of the Ways and Means panel, said the reduction “makes no sense.” And Colleen M. Kelley, who heads the National Treasury Employees Union, called on Congress to act to prevent the cutbacks.
Bah!
Maybe these funding cuts might restrain these crack government agents from some of their more pointless activities, such as chasing Canadians like My University Money: “Help, the IRS Is After Me”
On Investing…
Hank @ Money Q&A explains how He “…got greedy and lost my shirt in peer-to-peer lending“. Sandy @ Yes I Am Cheap instead did quite well, but by sticking with the higher-rated borrowers. Here’s the post : “Two Years of P2P Lending Results With Prosper”. In case we’re still fuzzy about the whole P2P lending, Tushar @ Everything Finance has a review of Prosper.
Mike and Molly have a guest post by Chris on teaching prison inmates. Not your usual PF fare, but worth reading: “The Calls of Distant Whales”
Corey from 20′s Finances guest posts at Life and My Finances, with “Does Gardening Save You Money“. Why does a post on gardening belong under the “investing” category. Because the upfront costs of pots and soil and support sticks could well be seen as an investment in hard producing assets, that’s why.
Mich @ Beating The Index has a new stock analysis up on his blog: PetroViking Energy: An Emerging Junior in the Viking Resource Play
From the Yakezie Fall Team…
20′s Finances: How To Get a Job: Play Hard To Get
The 60K Project: You Can Choose To Be Happy
Money Reasons: Improve Your Lifestyle By Creating A Personal Food Budget
My Multiple Incomes: What To Do When You’re Out of Ideas
Prairie Eco-Thrifter: Alternative Sustainable Power Sources: Geothermal
Barbara Friedberg: Occupy Wall Street: Is It Funded By George Soros?
The Debt Myth: Curbing Impulse Buying
Invest With Passion: Harrisburg and Bankruptcy
Readers, what do you think about the article above on the IRS? Would you cry tears of bitter sadness on learning that there will be less IRS agents providing “service”?
A couple of posts on the editing runway include “Community Garden Fail”, hopefully the second part of my Italy trip travel journal, and a post on mining stocks on my watch list.
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Thanks for including the post that Corey wrote for me! Gardening is a great way to save money, plus it’s fun to do!
LifeAndMyFinances recently posted..Does Gardening Save You Money?
Thanks for the mention. I appreciate it.
Hank recently posted..Five Things You Should Do With A Pay Raise
It is the rare government official who would admit that a reduction in anything related to the government actually makes sense. Their business is protecting and growing the baseline, regardless of whether the work they are doing adds value to society or not.
The Biz of Life recently posted..Equality from a Different Perspective
Interesting that Republicans pay nominal lip service to the idea of smaller government, except for their own pet programs.
Democrats pay lip service to the idea of civil liberties, except when it comes to personal economic freedom.
Very interesting point @Biz.
Roshawn @ Watson Inc recently posted..Is Saving More Important Than Investing?
Thanks for the mention in both cases. I absolutely loved the gardening experience, as you could probably tell. I will probably pick up some gardening books to see how to improve my efficiency like your peppers suggestion. Thanks.
20′s Finances recently posted..How to Land that Job: Playing Hard to Get?
Hi Corey – save your money! For gardening tips, I selfishly suggest that you read every single article in my blog’s gardening section, and then head on over to Mike and Molly’s blog, and read their how-to’ and articles. Tell ‘em I sent you.
Thanks a ton for the inclusion.
I agree with the Biz of Life- getting the government to admit this is a good thing won’t happen. They will try to spin it as a negative because they have different motives. It is corrupt it just ticks me off.
Miss T @ Prairie Eco-Thrifter recently posted..Alternative and Sustainable Power Sources: Geothermal Power
Hi Miss T – I suppose that getting government toads to admit to their own sliminess is pointless. “What, they’re lovely warts!”.
Thanks for including our link. Chris is a great writer and I hope more will discover his blog. As of today 10/19 our blog is down (probably for about 24 hrs.) You can go directly to Chris’s blog and read the story at Krusty On Chrissy
Molly (Mike and Molly’s House) recently posted..Baking Contest
Hey, you’re back up now… Great!
For the moment!
Molly (Mike and Molly’s House) recently posted..Server Down!
Once again, thanks for the kind words. I hope some of your readers enjoy the my post:)
Oops, that should have just read my post, not the my post. Damn iPad!
Hey Chris, I enjoyed the your post much greatly.
Just to be different, I’m going to try to turn the general IRS sentiment on its head. Of course the IRS provides services! They write, publish, and distribute publications that explain the tax laws to filers; they receive, document, store, and review millions of forms and data every year; and they collect revenue that is used to pay for all sorts of government services such as roads/infrastructure for public transportation, product and food safety, air and water quality monitoring, national defense, etc., etc.
Like most folks, I don’t always agree that I like the way my tax dollars are being spent, but I recognize that paying taxes is necessary to maintain the living standards I have now (and hopefully improve them, too.) Someone has to keep track of who paid and who didn’t and help us understand the crazyness that is our tax law (thanks, Congress!).
Linda recently posted..Rough week
Hi Linda – thanks for the thoughtful comment.
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You’ve got your work cut out for you, trying to sway opinion in favor of the IRS
Setting aside the necessity or morality of taxation in general, no doubt the IRS personnel engage in activity (“services”). The question is, do they add or create value? I purport to you that in the aggregate, they do not. Although by and large government functions are grossly inefficient, the IRS is the one agency that might serve the public best by being incompetent.
cuts to the IRS? I though in times like these they should hirem ore tax men in order to maximize revenue. What is wrong with the US government these days?
Thanks for the mention!
BeatingTheIndex recently posted..Stock Trades: Artek Exploration, Second Wave Petroleum and WestFire Energy
I agree, on the face of it, it doesn’t make any sense.
Thanks for including my crazy story on your round-up!
My University Money recently posted..Finding a Job After School In a Terrible Market
Thanks for the mention! I appreciate it!
Robert @ My Multiple Incomes recently posted..What To Do When You’re Out Of Ideas
Thanks for including my link
I actually do get a lot of help from the IRS — I call them often enough that I’ve memorized their phone number. I suspect their argument leans more in the direction of “less service” meaning that they’re not going to be bringing as much revenue though…
Jackie recently posted..Pay Less, Have More Money
Yikes, is that a good thing, having the IRS number committed to memory?
I get lots of info from the IRS website and periodical. Between you and me, I could do with a simplified tax code!
Barb Friedberg recently posted..GO BEYOND KEEPING UP WITH THE JONESES
Hi Barb – would less IRS agents lead to a less complex code? We could only hope.
I wish IRS would provide a better service. There are quite a few people who are a little-’lax on their tax return. There is a tax accountant near by with the idea that if you don’t get caught, then it is not wrong. So he always flies under the radar. Even after a few people reporting him 2 tax seasons ago, he is still in business and just opened his shop for the next season.
Suba recently posted..Big rewards, lousy performance : When motivation fails
Hi Suba – on the wishful thinking side, with a flat tax this tax accountant you speak of may have to find a new line of business.