Monday, November 10, 2008

Tainted Lunch Meat : Taxes and how not to pay them

First, I meant to make that last post from this account, but I was screwing around with the ads and forgot to log out, my apologies. Secondly, I just read an article from the Washington Post that I came across on HuffPo that details how some banks, the same ones we just bailed out, are looking to swindle taxpayers out of just over $100 billion. Classy. Apparently the Treasury inserted five sentences that swept away a 20+ year old tax policy. This change may have been illegal to boot. Seems to be arguments on both sides of that. Regardless of it's legality, it seems like a shitty thing to do to the people who just tried to save your ass. Some banks have already taken advantage of the new policy, and saved themselves from having to pay taxes on their mergers with other banks, due to the losses on the books of the purchased banks. If the taxpayers weren't paying through the nose on these bail outs, and quite possibly financing these mergers, I could possibly be OK with the tax policy change. But under the circumstances, fuck 'em. Figure out how to make them pay what they owe, if we financed the mergers, give us our cut.

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