Tim Carney has long been exposing the nature of the relationship between the government and big businesses (whether it be in healthcare, energy, agriculture, or finance–just to name a few). His current article is about tax-filing regulations which require people who are paid to file other people’s tax returns to obtain government licenses and take 15 hours of continuing education classes each year. These type of regulations ( as do most that are supported by big businesses) effectively would eliminate small mom and pop type businesses by imposing impenetrable barriers to entry. Without the resources to comply with the massive amounts of regulations, smaller firms simply cannot survive.
I bet you wouldn’t be able to guess which type of companies are the big lobbyists for these types of regulation: Turbo Tax and H&R Block! No way!
And I bet you could never guess what former CEO was brought on by the Obama administration to write these new regulations: That’s right, the former head of H&R Block, Mark Ernst! But don’t worry, Obama isn’t breaking his promise not to hire people to write regulations for the industry they formerly worked for because he’s a ‘civil servant’ for the IRS, not a ‘political appointee.’
The revolving door between K- Street and Wall Street has been spinning with full force for decades, yet it has somehow managed to pick up even more stream here in the early days of Obama’s second term.