Poor Little TARP Banks | WHAT REALLY HAPPENED

Poor Little TARP Banks

The big banks, like Bank of America, Citigroup and JP Morgan Chase, have been getting just about anything they want out of Washington these days. There is one thing, however, that so far they have been denied: the ability to get instant refunds on taxes paid on past profits up to five years back, or “carry-back” relief.

In the economic stimulus bill (H.R. 1) Congress extended carry-back relief to businesses with less than $15 million in annual revenues that have not taken TARP money. More recently, bipartisan legislation has been introduced in both the Senate and the House to extend carry-back relief to businesses of all sizes, except those that have taken TARP money.

Now the bailed-out banks have begun lobbying to get their fair share.

Webmaster's Commentary: 

Is anyone actually talking about maybe restarting manufacturing and hiring people, or is shuffling the paper around the only thing they can think of?

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