Friday, August 03, 2007

Meanwhile back at the Country Club

Here's your $1 billion for Katrina victims, assholes... with five times that left over.

Wall Street's Lucrative Tax Break Is Under Fire -
The most controversial tax break on Wall Street, known simply as the Carry, is not authorized by any law and was never approved by Congress.

Instead, it grew quietly over several decades, hinted at but never directly addressed in obscure court cases and arcane regulations issued by the Internal Revenue Service.

Unchallenged by lawmakers, it swelled into a benefit that, by one back-of-the-envelope estimate, spares a small band of the country's richest and most powerful financiers $6 billion a year in personal income taxes.
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