Tax refunds for bailed out banks!!!!

[Anarch]

JPMorgan Chase May Get Billion-Dollar Tax Refund to Offset Recession Losses
Friday, March 26, 2010
JPMorgan Chase & Co. may enjoy two helpings of tax relief thanks to a little publicized stimulus provision that permits banks and businesses to apply loses from 2008 or 2009 against taxes paid in the previous five years. This break could mean a tax refund of $1.4 billion based on JPMorgan’s own operation, plus more than half of the $2.6 billion due to Washington Mutual, which it took over after WaMu’s collapse.

Congressional tax experts and The Wall Street Journal calculate that as much as $33 billion could be refunded to more than 250 companies. The list includes US Airways, Alaska Airlines, Liz Claiborne, Borders, Zale’s—and even bankrupt Lehman Brothers.


http://www.allgov.com/Where_is_the_M..._Losses_100326

[Anarch]

One would of thought folks would be more outraged by bailed out banks getting tax refunds.

[Raptor Witness]

As much as I hate to say it, almost any business that takes a loss ... however stupid, is entitled to a consideration of that loss for tax purposes. I suppose they could have written an exception into the law in these cases, but that's probably not constitutional.