Banking is big business and as long as they can prevent competition, whether through innovation that limits their ability to collect fees or through what we see

Banking is big business and as long as they can prevent competition, whether through innovation that limits their ability to collect fees or through what we see as true competitors, our banking systems will not change. They wield power and exert great influence with our lawmakers and the government. Until that changes the banks will continue to transact business in a manner that benefits them the most. As far as the IRS goes and automated systems for tax reporting/verification goes etc., we need to do something that allows direct reporting to more sophisticated systems if no other other reason than to get a better handle on the fraudulent returns that are submitted every year. Are far as Turbo Tax and H & R Block goes, a $5 million investment in tax reporting software is nothing compared to the fees they collect every year from people who utilize their software for reporting. Of course the icing on the cake are those who use their early return loan programs. Clearly they have every reason to lobby to maintain the tax reporting system as it currently functions.