How do they do that? Simple. They duck through ridiculous loopholes in our tax laws. How ridiculous? Try the subsidy for corporate criminals. If you get a speeding ticket, do you get to deduct the fine from the income tax you owe? Ha – just try it! But JPMorgan Chase was fined more than $20 billion last year for major frauds and consumer rip offs, and its honchos have now deducted that punishment from the corporate tax bill, claiming it as a cost of doing business. Oh, they also get to deduct the many millions of dollars they paid lawyers to defend their blatant wrongdoing. Well, sniff the elites, were merely making rightful use of the deductions allowed by tax laws. But its their lawyers who wrote those laws to legalize their thievery! And need I mention that they also get a deduction for the mega-salaries and expenses of those lawyers? So, we pay for their wrongdoings, their fines, and their lawyers.
Posted on: Wed, 30 Jul 2014 00:34:51 +0000
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