November 06, 2013

People Are Starting To Get Really Angry That The Huge JP Morgan Settlement Is Tax Deductible

JP Morgan's potential $13 billion settlement with the government hasn't been finalized yet, but already politicians and public interest groups are crying foul because up to $9 billion of the settlement is tax deductible.

That means the bank could write $3 billion off their corporate tax bill as a business expense, according to Americans for Tax Fairness and the U.S. PIRG, the federation of state Public Interest Research Groups.

On Monday, Americans for Tax Fairness and the U.S. PIRG presented Congress with a 160,000 signature petition asking the Justice Department to add a provision to the settlement that would stop this from happening, and a bunch of Congressmen have jumped on board, calling U.S. Attorney General Eric Holder to do something.

“Taxpayers should not be subsidizing more than $3 billion of JPMorgan’s penalties at a time when federal priorities like education, clean energy, infrastructure and other job creating investments are facing budget cuts. This settlement has to be meaningful if it is going to deter future abuses. I join the 150,000 people today who are urging Attorney General Holder to stand firm and fight for taxpayers and middle class families,” said Senator Mazie K. Hirono (D-HI).

Read the entire piece at:

By:  Linette Lopez
Source: Business Insider