What could go wrong?

With a new congressional “super committee” tasked with finding$1.5 trillion in cuts by November, creative ideas to find additional revenue are in high demand. And allowing the IRS to prepare you taxes could be one solution.

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The idea has been around for a while. In 2006, Senate Finance Committee Chairman Max Baucus (D-Mont.) argued it would close a $345 billion annual difference between what the government believes taxpayers owe them and what the IRS actually collects, which he calls the “tax gap.”

“I think the solution [to the tax gap problem] is to get rid of the middle-man and no fees required,” he said.

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