UNDERNEWS: Corporations take huge tax deductions for criminal wrongdoing settlements

February 19, 2015

Corporations take huge tax deductions for criminal wrongdoing settlements

US PIRG - Senators Chuck Grassley (R-IA) and Jack Reed (D-RI) reintroduced The Government Settlement Transparency and Reform Act, which would restrict the ability for corporations to reap massive tax write-offs from payments made to settle allegations of misconduct or criminal wrongdoing. This comes on the heels of reports that Standard & Poor’s will be able to claim a nearly $300 million tax deduction for its most recent settlement to addressing its allegedly flawed ratings practices and their role in the 2008 financial crisis

2 comments:

greg said...: It is criminal that Congress allowed corporations to deduct fines from thier taxable income in the first place. Go RI's Jack Reed; February 19, 2015 at 6:59 PM
Anonymous said...: Tail wagging the dog, it is easy to see whom is boss.; February 20, 2015 at 12:07 AM

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