Welfare for Obama's 'Fat Cat Bankers' - Inheritance Tax for Main Street...

[WhiskeyGirl]

Main Street get massive inheritance taxes, Wall Street and banks get tax breaks and loopholes worth billions.

Citigroup gains massive tax break in deal with IRS

The federal government quietly agreed to forgo billions of dollars in potential tax payments from Citigroup as part of the deal announced this week to wean the company from the massive taxpayer bailout that helped it survive the financial crisis.

The Internal Revenue Service on Friday issued an exception to longstanding tax rules for the benefit of Citigroup and the few other companies partially owned by the government. As a result, Citigroup will be allowed to retain $38 billion in tax breaks that otherwise would decline in value when the government sells its stake to private investors.

We want you to make loans to Main Street...I didn't run for president...

While the Obama administration has said taxpayers likely will profit from the sale of the Citigroup shares, accounting experts said the lost tax revenue could easily outstrip those profits.

Somehow, I imagine if this were a Goldman Sachs deal, Goldman would MAKE BILLIONS.  For some reason, TAXPAYERS will probaly lose money...

"The government is consciously forfeiting future tax revenues. It's another form of assistance, maybe not as obvious as direct assistance but certainly another form," said Robert Willens, an expert on tax accounting who runs a firm of the same name. "I've been doing taxes for almost 40 years and I've never seen anything like this where the IRS and Treasury acted unilaterally on so many fronts."

more here - http://www.washingtonpost.com/wp-dyn/content/article/2009/12/15/AR2009121504534.html