There's not one single one of you who hasn't read about all the massive billion dollar fines that our government assessed on the big banks in recent years. Punishment for manipulating interest rates, mortgage fraud, creating fake world currency rates for fun and profit. Those fines, as you know, are paid into the U.S. Treasury, supposedly to the benefit of all of us, right?
Well, I just found out something that caused the remaining two dozen hair follicles to slide right off the top of my head. All those fines on the banks are tax deductible! Yes, I said tax deductible!
How is that punishment when banks can write off their punishment? How does that even prevent further fraud and abuse of our financial system?
Let me bring this down to street level. Let's say you get a parking ticket, or a speeding ticket, or get fined for not having your dog's license? Or you pay a late fee for your property tax check not getting to the county treasurer on time. You SHOULD be able to write those off as a tax deduction, right? WRONG! Those sweet deductions are only for the rich and powerful!
Sweet deal, huh?