Would Joe Schmoe like a tax deduction of 32%? Ha! Sure he would- in his dreams. Who gets THAT kind of special treatment from the IRS? Who? How about JPMorgan Chase? Yes, that one. The financial institution that nearly pushed our entire economy off of the cliff.
It seems that the large fine they were forced to pay- the $13 billion- is tax-deductible. Yes, tax-deductible! Our treasury gets screwed out of $4 billion of that fine. Four billion? Where could we use that money? I’ve got some ideas.
Two U.S. senators, Tom Colburn and Elizabeth Warren have introduced a bill to eliminate the loophole. What are the odds that it passes? Why would a senator vote it down? Why indeed!