U.S. Taxpayers Pay for Citigroup’s Fat Bastards to Get Fatter
December 16th, 2009
Change
Via: Washington Post:
The federal government quietly agreed to forgo billions of dollars in potential tax payments from Citigroup as part of the deal announced this week to wean the company from the massive taxpayer bailout that helped it survive the financial crisis.
The Internal Revenue Service on Friday issued an exception to long-standing tax rules for the benefit of Citigroup and a few other companies partially owned by the government. As a result, Citigroup will be allowed to retain billions of dollars worth of tax breaks that otherwise would decline in value when the government sells its stake to private investors.
While the Obama administration has said taxpayers are likely to profit from the sale of the Citigroup shares, accounting experts said the lost tax revenue could easily outstrip those profits.
I am non-violent pacifist to the core with MLK and Gandhi as my ideals….however i should point out the stupidity of this person putting this license plate on their Porsche..i would humbly suggest they avoid any streets north of 125 in manhattan…or any downtown core in new york..new jersey..conn.. area..
not that they read this or care what i think..lol