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January 23, 2008
Corporate tax breaking
It should come as no surprise that the big benefactors of the economic stimulus package are the ones who pushed us into this crisis: bankers, homebuilders and mortgage companies.
...one of several emergency tax breaks being considered for corporate America, companies would for two years be allowed to carry back losses incurred in 2007 and 2008 against profits accrued over the previous five years, instead of the usual two year timeframe. Some of the biggest beneficiaries would be Wall Street banks such as Citigroup Inc., Merrill Lynch & Co., and Homebuilders, which have been punched by the housing slump after years of go-go profits, also stand to benefit. In fact, any company that is now struggling following years of healthy profits (that pumped up their tax bills) could in theory benefit.
Accountants should have a nice paycheck. Anyone think these companies will use the money to keep their employees, instead of lining their pockets?
Recession Economic stimulus package Scale
Posted by kickstand at January 23, 2008 10:39 PM