Big Tax Prep companies have been taking advantage of Americans for years. In fact, the average American spends 13 hours and $240 every year just to file their taxes. That’s BS, because for most taxpayers, the IRS already has all of the information it needs to calculate tax liabilities and refunds. TurboTax is only so involved in the process because their army of lobbyists have successfully lobbied for it to be that way, even supporting legislation to ban the IRS from developing its own filing tools. While these companies overcharged taxpayers and wasted their time, Intuit (TurboTax’s parent company) made billions each year. But some accountability is happening! This year, many Californians and folks in several other states will be eligible to file for free, directly with the IRS—you can learn more about how to do so here. This pilot program is an exciting first step. The free tool is something I’ve been pushing for throughout my time in Congress. I’ll keep pushing to expand this tool nationwide, and to make sure these big corporations don’t find a way to drag us backwards.
And in additional positive news, the Federal Trade Commission is calling out TurboTax for their deceptive advertising. While TurboTax advertised “free” services and claimed 70% of people were eligible, the reality was that only 3% of taxpayers really were. I sounded the alarm about this in 2022, and I’m glad to see TurboxTax held accountable. As a consumer protection attorney, I see TurboTax as a perfect example of why we need strong government oversight and a Congress that isn’t beholden to corporate special interests. Onward, Katie
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Sunday, January 28, 2024
An oversight win.
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