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Thu Aug 9, 2018, 02:23 PM

Fine Print on New Treasury Rules Gives Banks Big Tax Break

Source: The Daily Beast



A new Treasury Department proposal would give U.S. banks a huge tax cut by somehow no longer classifying them as “financial services.” When it was being argued in late 2017, the Republican tax bill stated that financial services companies were not eligible for massive tax cuts given to other corporations in order to silence critics who noted the bill would give more money to big banks. A joint report from Splinter News and the investigative-reporting blog Capital & Main notes the fine print of a rule issued by Treasury Secretary Steve Mnuchin on Wednesday would change some 2,000 banks’ classification to S corporations, making them eligible for the tax cut. “Commenters requested guidance as to whether financial services includes banking,” the Treasury Department rule now states. “The Treasury Department and the IRS agree with such commenters [that] financial services should be more narrowly interpreted here.” “Financial services” would now only include services like those provided by investment bankers and financial advisers. “The notion that financial services excludes banking should be quite a surprise to members of the House Financial Services Committee, which thought that it had jurisdiction over banking,” Daniel Hemel, a University of Chicago tax law professor, told Capital & Main.

READ IT AT CAPITAL & MAIN

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Read more: https://www.thedailybeast.com/fine-print-on-new-treasury-rules-gives-banks-big-tax-break?ref=home

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Reply Fine Print on New Treasury Rules Gives Banks Big Tax Break (Original post)
DonViejo Aug 9 OP
sakabatou Aug 9 #1
djacq Aug 9 #2
maxrandb Aug 9 #3
GeorgeGist Aug 9 #4

Response to DonViejo (Original post)

Thu Aug 9, 2018, 02:26 PM

1. Nothing bad won't happen from that

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Response to DonViejo (Original post)

Thu Aug 9, 2018, 02:46 PM

2. Lessons Learned from 2008 Mind Wiped

Tax Breaks to;

Big Corporations
Big Banks
Top 1%
Special Interests

And, Rep. Chris Collins and his cohorts busted for insider trading.

Am I missing something here?

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Response to DonViejo (Original post)

Thu Aug 9, 2018, 03:14 PM

3. Maybe it's time for a run on the banks

I bank exclusively with my local Credit Union. No BofA credit card. No Citibank. No Wells Fargo.

Their behavior will never change until they start losing customers and money.

BTW - Give them time. Soon they will come up with a way to make sure that investment bankers and financial advisors aren't classified as "financial services" either.

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Response to DonViejo (Original post)

Thu Aug 9, 2018, 03:31 PM

4. Switch to a credit union, if you haven't already.

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