Shouldn’t the presumptive republican nominee for president be talking about reducing tax liability, not raising it? Specifically after President Obama’s “Buffett Plan” has come under severe criticism (at least from me), you would think Romney would have taken note.
In 2009 our economy was crumbling, and the Dow Jones was establishing new lows daily. A major cause for the meltdown was a result of the wide spread failing of complex securities that were backed by real estate mortgages. These securities are known as MBS’s (mortgage backed securities-not too creative).
The IRS is apparently jealous that some banks have profited from the subprime mortgage meltdown, and have gotten into the action- Tax liens are for sale. If a property owning taxpayer fails to pay his taxes the government will secure a lien on their property. This lien allows local municipalities to secure payment when the property changes ownership, or if the taxes remain delinquent for a specified amount of time, the IRS can foreclose on the property and evict the property owner. (See, NYC’s Annual Tax Lien Sale)