“Banks and their partners make bazillions of dollars off of credit cards, off of debt, off of you,” Dave said.
#Turbo tax freedom software#
George talks with Dave Ramsey, who says TurboTax is a good company that lost its way when it began using the data it gleans from its tax software customers to generate leads and peddle debt products. TurboTax actually received a bounty for getting Tracy, and thousands of other TurboTax users like her, to sign up for a credit card!
Then, once TurboTax had a history of her financial data, they used what they knew about her to start offering her a credit card. Tracy used the free version of TurboTax’s federal tax filing services for three years. The Investor Day presentation shared an example of an ideal TurboTax customer-a retail employee named Tracy. “TurboTax and its parent company Intuit have a new long-term game plan to get you and keep you in a cycle of debt long after you’ve filed your taxes,” George explained. George digs into Intuit’s 2020 Investor Day presentation-a 13-page document that details Intuit’s plans to “help” its customers who are having trouble making ends meet. So how does a billion-dollar company make money by offering free or low-cost tax software? The answer lies in the data they collect on their users. Its daughter companies include QuickBooks (accounting software), Mint (personal financial management), and Credit Karma (credit monitoring). TurboTax has a 70% market share among folks who choose to self-file their income taxes, and it’s owned by a $100 billion company called Intuit. Hey George, tell us how you really feel about TurboTax! In the first episode of The Fine Print podcast, titled “How TurboTax Is Screwing You,” host and Ramsey Personality George Kamel investigates tax-software behemoth TurboTax.
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