Tucked into President Biden’s massive Inflation Reduction Act is a pot of money–$15 million–for the Internal Revenue Service to study a long-talked-about idea: Building an online IRS platform that would enable taxpayers to file their taxes easily and for free. If it moves ahead, it could mean an end to frustratingly complex forms and fees to accountants and tax prep companies.
There are plenty of obstacles in the way. Some politicians and industry groups in Washington are already lining up against it. And it’s not clear Americans would trust the IRS to calculate their refund–or how much they owe.
Bloomberg reporters Laura Davison, Brody Ford, and Ben Steverman join this episode to talk about the promise—and potential pitfalls—of a public filing option for all.
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