My accountant made an error in our taxes for 2014, I have paid the amount owed but am now facing a steep interest charge (my accountant got the penalties waived). Turns-out the IRS charges 6% interest, while the Federal Reserve is currently charging banks less than 1% (aka the Prime Lending Rate). Why do banks get a better deal than taxpayers?
I propose an administrative regulation (via executive order?) that caps the rate the IRS can charge to the Prime Lending rate.