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Cheers due to congressmen investigating the Internal Revenue Service

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[Editor’s note: This story originally was published by Real Clear Markets.]

By John Tamny
Real Clear Markets

It’s often asked if Congress will “end the Fed.” The answer to the previous question is obvious, but not for the reasons readers may think.

Congress will never shutter the Fed is because the central bank is ultimately an outsourced institution of Congress. Does anyone seriously think Congress would cease propping up insolvent banks, regulating banks, and vainly trying to make credit “easy” if the Fed shut its doors? The questions answer themselves. Life without the Fed would be the same as life with it.

Furthermore, Congress needs a whipping boy. So do presidents. Even though the Fed’s economic influence is well overstated either way, politicians need someone to blame when economies shrink. The Fed is forever. Bank on it.

These basic truths are worth remembering when it comes to the Internal Revenue Service (IRS). To call for “ending the IRS” is to kind of miss the point. More on this in a bit.

For now, we have to accept life as it is. The IRS isn’t going anywhere, and since it isn’t, readers should loudly encourage Reps. Jim Jordan and Darrell Issa in their probe of the IRS. More specifically, they’re looking into how the private tax returns of very rich Americans were leaked to ProPublica, and from there to the public.

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