Sun: What's Worse Than Preparing Your Tax Returns?

What's Worse Than Preparing Your Tax Returns?  Paying To Prepare Your Returns, When You Can Get It For Free.

New legislation could throw a wrench in IRS plans to launch a free government-run tax filing program after millions of dollars in lobbying by for-profit tax prep service providers.

On Monday, newly-minted House Speaker Mike Johnson (R-La.) introduced a bill making $14.3 million in aid to Israel contingent on reducing funding for the IRS. The Inflation Reduction Act of 2022, which President Joe Biden signed into law last year, set $15 million aside for the IRS to develop the free service. Leading for-profit tax prep companies oppose the program.

The tax prep services industry has poured over $90 million into lobbying on the Free File Program and other issues since the program’s inception in 2003, a new OpenSecrets analysis found.

Intuit, the company that owns TurboTax, and H&R Block lead in lobbying spending but are bolstered by groups like the American Coalition for Taxpayer Rights, a tax prep, software and financial services trade association whose members include Intuit, H&R Block, Jackson Hewitt, TaxSlayer and Liberty Tax Services.

Intuit spent about $2.8 million on federal lobbying in the first three quarters of this year, outpacing the prior year and putting the tax prep company on track for a new record.

The TurboTax parent company — which also owns QuickBooks and Credit Karma — spent $910,000 on federal lobbying in the third quarter of this year alone, new lobbying filings show. The company spent nearly $3.3 million on federal lobbying in 2021 and another $3.5 million in 2022.

This is From the VERY Conservative Jerusalem Post:

It’s been almost one month since the horrific morning that took the lives of over 1,400 Israelis. Prime Minister Benjamin Netanyahu has not attended even one of the hundreds of funerals of victims who perished during the vicious pogrom that was carried out by Hamas. Besides meeting with families of hostages, he hasn’t met with any of the civilians who managed to escape from the Gaza border communities, or with the security teams that courageously rescued them. Netanyahu has not visited even one of the thousands of wounded survivors lying in beds in Israel’s hospitals. He has not visited with any of the more than 21,000 civilians who were displaced from their homes in southern or northern Israel, and are now scattered in hotels around the country. He held two meetings with 13 families whose loved ones are being held captive in Gaza, but has not spoken – not even by phone – with more than 227 other families who are fraught with worry for their loved ones.

Moreover, there are three words that Netanyahu has yet to voice: “I am responsible” – for the worst catastrophe to befall Israel since the establishment of the state, which took place under his watch. Every one of Israel’s military and security leaders has publicly admitted their responsibility for the failures and shortcomings that led to the tragedy that took place on October 7: Defense Minister Yoav Gallant, IDF Chief of Staff Lt.-Gen. Herzi Halevi, Shin Bet head Ronen Bar, Military Intelligence chief Aharon Haliva, Israel Air Force Commander Maj.-Gen. Tomer Bar, OC Southern Command Maj.-Gen. Yaron Finkelman, and National Security Council head Tzachi Hanegbi. Every one of these figures has acknowledged his shortcomings that led to the catastrophe. Even Finance Minister Bezalel Smotrich and a few Likud ministers admitted during interviews that the responsibility lies with the government, although they immediately afterward added, “but now is not the time to play the blame game.” Netanyahu also said last week that “we will all need to provide answers, including me” – but only after the war. [...]

Some of Netanyahu’s advisers have been pressuring for him to make a public claim of responsibility, if only so that he can put this issue behind him and move forward. But even if he does so eventually, it will be too little, too late, and is likely to be legally formulated. However, even if Netanyahu never actually utters these words with his own voice, he is still responsible. Period.

It's the End of the World As We Know It, and Lots of People Feel Fine

How Ozempic could change the economy as we know it

Ozempic has taken the world by storm thanks to how it can help people lose weight, but it could also mean so much more for the economy.

Ozempic is a brand name for semaglutide, a diabetes drug that also has weight loss effects. Patients inject it weekly, and it reduces appetite. Semaglutide is also sold for weight loss under the brand name Wegovy.

While it's too early to know exactly how GLP-1 drugs' will ripple out to the broader economy long-term, it's already had significant effects on patients' consumption, and companies are keeping an eye out for future developments.

Walmart, for example, which sells Ozempic and other GLP-1 drugs, found that customers buying those medications spent less on food year over year but more on lifestyle and fitness.

Nik Modi, a managing director at RBC Capital Markets who focuses on consumer goods, told Insider that this is a sign that people aren't spending less. They are just buying different products.

"Consumers are looking for better-for-you products," Modi said, adding that healthier products will be a big winner as consumers change their habits in this economy.

The effects could be much broader than food and healthcare. As Josh Barro recently wrote in his economics and business newsletter "Very Serious," workers could be more productive because they live longer, healthier, and happier lives.

"Lower disease burden will mean fewer sick days and higher labor productivity," Barro projects. "And there will be huge gains in personal happiness: well over a hundred million Americans who have been struggling all their lives to control their weight will be finally succeeding at it, and in a way that does not involve a great deal of mental effort or perceived sacrifice."

This could increase people's self-esteem, Barro posits, and could allow people to redirect energy and resources from dieting to other activities as well as change their consumption. Additionally, employee productivity could increase as Americans see the long-term benefits of weight loss and stay in the workforce longer.

Some businesses have already seen changes in consumer behavior due to GLP-1 drugs, which clinical trials have shown could help patients lose an average of 15% of their body weight over 68 weeks.

An August survey by Morgan Stanley of 300 people using GLP-1 drugs for weight loss found that 77% of respondents reported visiting fast-food restaurants "less frequently," while 61% and 59% said the same about casual dining restaurants and coffee shops, respectively.

Meanwhile, GLP-1s could indirectly help other businesses, like airlines. A Jefferies Financial analyst used data from United Airlines and calculated that the company could save 27.6 million gallons of fuel per year, at a cost of $80 million, if the average passenger weighed 10 pounds less.