A Quiet Windfall For U.S. Banks: With Attention on Bailout Debate, Treasury Made Change to Tax Policy
By Amit R. Paley for the Washington Post
In just a couple months, I must have read well more than 100 newspaper articles on the financial collapse and the federal response to it. But none is more remarkable than Amit Paley's story in the Washington Post...The story concerns an obscure change in the U.S. Tax Code that was forced through by the U.S. Treasury Department without any public review or Congressional involvement, a change that will grant an estimated $25 billion in tax savings to Wells Fargo and deprive the federal government of somewhere between $105 and $140 billion in revenue...The change was announced with no fanfare within 24 hours after the House voted down the first bailout bill. Treasury acted without clear legal authority. "I've been in tax law for 20 years, and I've never seen anything like this," says one lawyer quoted in the article. (Summary for TIME.com by Michael Scherer)
Posts
No comments:
Post a Comment