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CLAY: We’re talking now about a story that’s probably not gonna get that much attention, and that is this massive funding increase that is being demanded for the IRS ostensibly to lead to more revenue through more investigations on behalf of the IRS. Two big issues here. One, the IRS has been proven to be politically focused in terms of who it focuses on.

Which is a monstrous deal when you look at the power that the IRS wields and who they decide to investigate and who they don’t decide to investigate. Second part of this, the revenue that they are likely to produce is going to be far less than they project because it’s the law of diminishing returns. As you spend more money doing something, the value of that declines.

Anybody who has ever run a business knows it. Otherwise, you could spend all of your money on advertising, and your revenue would continue to grow forever. That doesn’t happen. At some point you get the law of diminishing returns, and that, I believe, would happen very quickly with the IRS.

But, Buck, you teased as we went to break a fairly significant factor here, which is that many of the people who would be involved in this issue are likely to be incredibly politically biased, including people in high positions of authority like the person you just teased.

BUCK: Yeah, there’s Treasury Secretary Janet Yellen, for example — who is herself, of course, a multimillionaire and an elitist — and she is “supporting the candidacy of Saule Omarovam,” this from the Daily Mail today, “for the office of the comptroller of the currency.” You might say, “Yeah, who cares?” That is an agency within the U.S. Treasury.

It’s a “3,500-person office [that] sets bank policies dealing with more traditional merges and acquisitions and the expanding digital trade.” Pretty big things. Omarova graduated from Moscow State University in 1989 on a scholarship named after Soviet leader Vladimir Lenin,” which is interesting. But of course, she grew up in the Soviet Union.

Like I said, there are so many great immigrants to America who come from the former Soviet Union. But they hate the economic policies of the former Soviet Union, which is why they came here. Ms. Omarova, on the other hand, tweeted in 2019, Clay, “Until I came to the U.S., I couldn’t imagine that things like gender pay gap still existed in today’s world. Say what you will about old USSR, there was no gender pay gap there.”

CLAY: Nobody really got paid.

BUCK: (laughing) Right.

CLAY: Yeah.

BUCK: There was no pay gap ’cause there was really no pay. But this is somebody who would have a very senior role in a large agency of the Treasury department. She “has called for ‘radically reshaping the basic architecture and dynamics of modern finance'” that’s a quote “including nationalizing retail banking and having the Federal Reserve allocate credit” to individuals and she wants to, quote, “effectively end banking as we know it,” end quote. Oh, yeah, let’s puts this person in charge of a major agency of the Treasury department, Clay.

CLAY: Seems like kind of a big flaw that. This reminds me of how people in Cuba — or socialists here in the United States when they too defend Cuba — talk about how everybody’s so equal. Yeah, they’re all equally having nothing, right? This is why so many people who have fled socialist regimes, particularly in South America and to me to America have turned so fervently in favor of the Republican Party and capitalism.