Video: The IRS is "Running Amok"

The Cato Institute and the Center for Freedom and Prosperity are shedding light on a shady new IRS program designed to increase revenue by taxing interest payments on foreign capital deposited and invested in the United States. Even though it violates existing U.S. law, the IRS is seeking to impose regulations that would discourage foreign investment in the U.S. economy and undermine the competitiveness of American banks.

The Cato Institute's Dan Mitchell explains that the long-term effects of this policy would be disastrous for the economy and could potentially collapse an industry taxpayers just finished bailing out:

h/t Hot Air