Let's Regulate Unfair IRS Penalties!

Among other things, the Credit Card Accountability, Responsibility and Disclosure Act of 2009 limits the penalties which lenders can impose upon those who do not pay their bills on time.

Among other things, this legislation will make lenders less likely to extend credit to those who need that credit the most. But, our lawmakers live in a fantasy world where supposedly well intentioned regulations never backfire.

At Cafe Hayek, Donald J. Boudreaux proposes that our lawmakers test their devotion to this “peculiar faith” on their part by suggesting that they reduce -- via regulation -- IRS penalties for late payments and other more onerous penalties (including jail time).

If reduced penalties for late credit card payments will not result in higher delinquency rates, surely the same is true for tax collections.

What’s good for the goose is good for the gander? No! Not in the tyrannical fantasy world of Washington D.C.! NEVER!

EVIL IDIOTS!