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Candidate Weiland Questions Tax Breaks for Big Banks

Chase Bank
(Photo by Justin Sullivan/Getty Images)

Bipartisan legislation is circulating through Congress to close a big loophole and Democratic U.S. Senate Candidate Rick Weiland is on board.  Taking issue with a recent revelation about a $13 billion settlement which could turn out to be tax deductible.

It’s not the first time a “big” corporation has gotten such a reprieve from the federal government.  During the Exxon Valdez spill off the coast of Alaska, almost half of that settlement was tax deductible.  Weiland wants that to stop.

“If you ever wondered whether your Congress is owned by you or by the big money donors who elect its members, consider this.  Under current law, as written by Congress, Wall Street giant JP Morgan could be about to get a multi-billion dollar tax break for breaking Federal law,” Weiland said.

“Try writing off your latest speeding ticket and see what happens.  You will go to jail for tax evasion if you write off a $100 traffic ticket.  JP Morgan will go to the bank and deposit billions under the agreement it has just been handed for bilking the American people during the financial crisis.

Weiland pledges his support to legislation introduced by Iowa Republican Chuck Grassley and Rhode Island Democrat Jack Reed to eliminate the tax deductibility of settlements like the one just agreed to by JP Morgan.

“Unless a fine is ‘punitive’, big money law breakers can pay the fine with one hand and get their money back as a tax refund from Uncle Sam with the other.  It is as obvious an example as you will ever see of how giant special interests get paid back in billions for their millions in campaign contributions.”


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