Senate candidate Elizabeth Warren from Massachusetts continue to criticize the Government for granting American International Group billions of dollars worth of tax breaks, called it "a covert bailout."
Elizabeth Warren
Warren, wrote together with colleagues, which served on the US Congressional Oversight Panel, the financial crisis rescue operations, oversaw An op-ed piece for the Washington Post last Thursday. In their op-ed it, says that the Government of AIG to transfer the financial losses before his rescue operation to reduce their current tax bills and boost profit not to allow.
At the Mar 12, Warren also aimed at the insurer, told reporters that she is, it time for the Congress feels to end "the special tax breaks" for AIG.
"AIG, a massive insurance company, which during the financial crisis, $182 billion in TARP and the Federal Reserve received bailouts in February, reported that it had acquired $ 19.8 billion in the fourth quarter of 2011." Their profits increased a staggering $17.7 billion - from a loss of $2.2 billion a year earlier - because of the special tax breaks from the Finance Ministry, "Warren wrote."
Warren said in her op-ed piece that companies must pay the appropriate taxes on their profits. But on the other hand, if they have suffered a loss, are allowed to wear them that loss, to reduce future tax bills.
But to prevent abuse, U.S. tax carry forward losses has restricted since 1986, when a company changes ownership, she wrote. And for all intents and purposes, AIG moved during the rescue operation - if the Federal Government acquired the majority shareholding. This change, AIG may not record a huge tax advantage, as it in the fourth quarter of 2011, Warren argues.
"From 2008 however, the US Treasury in with a special verdict that the financial rescue no change of ownership jumped," she wrote. Now allows losses use this judgment pre-bailout AIG to pay billions of dollars in taxes and book great profits to avoid, they argued.
Warren is a bankruptcy expert and Harvard Law School professor. Under the chairmanship of the Congressional Oversight Panel for the 2008 U.S. troubled asset relief program and was also in the creation of U.S. consumer financial protection Bureau. She is currently leading candidate of the Democratic Party for the election 2012 U.S. Senate in Massachusetts.
Elizabeth WarrenWarren, wrote together with colleagues, which served on the US Congressional Oversight Panel, the financial crisis rescue operations, oversaw An op-ed piece for the Washington Post last Thursday. In their op-ed it, says that the Government of AIG to transfer the financial losses before his rescue operation to reduce their current tax bills and boost profit not to allow.
At the Mar 12, Warren also aimed at the insurer, told reporters that she is, it time for the Congress feels to end "the special tax breaks" for AIG.
"AIG, a massive insurance company, which during the financial crisis, $182 billion in TARP and the Federal Reserve received bailouts in February, reported that it had acquired $ 19.8 billion in the fourth quarter of 2011." Their profits increased a staggering $17.7 billion - from a loss of $2.2 billion a year earlier - because of the special tax breaks from the Finance Ministry, "Warren wrote."
Warren said in her op-ed piece that companies must pay the appropriate taxes on their profits. But on the other hand, if they have suffered a loss, are allowed to wear them that loss, to reduce future tax bills.
But to prevent abuse, U.S. tax carry forward losses has restricted since 1986, when a company changes ownership, she wrote. And for all intents and purposes, AIG moved during the rescue operation - if the Federal Government acquired the majority shareholding. This change, AIG may not record a huge tax advantage, as it in the fourth quarter of 2011, Warren argues.
"From 2008 however, the US Treasury in with a special verdict that the financial rescue no change of ownership jumped," she wrote. Now allows losses use this judgment pre-bailout AIG to pay billions of dollars in taxes and book great profits to avoid, they argued.
Warren is a bankruptcy expert and Harvard Law School professor. Under the chairmanship of the Congressional Oversight Panel for the 2008 U.S. troubled asset relief program and was also in the creation of U.S. consumer financial protection Bureau. She is currently leading candidate of the Democratic Party for the election 2012 U.S. Senate in Massachusetts.
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