Sunday, July 19, 2015

A Sweet Deal...But Not For You!


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?


Frank K said...

So if they are tax deductible, then they aren't fines. They are donations. I'd sure like to see someone challenge that one in Court.

A Modest Scribler said...

But, Frank, it looks so good in the headlines! And it looks like the government did something about it. Pretty sad.

Ken said...

Once again you expose still another serious poke up the hind end to the American people by this horribly corrupt government and not a sound. This morning I was so angered by this. All this rage boiling up inside me and I don't know what to do with it. I do know that everyone I speak to tells me, "Don't get so excited, there's nothing you can do about it." I'm so tired of having to swallow all this shit. At what point will we fight back, when will I hear the screams from windows everywhere,"I'm mad as hell and I'm not going to take it anymore"?
I was remembering the oil embargo back in the 70's. I remember a newspaper interview I read with some middle eastern man who said he had seen governments overthrown for less than that. I'm just baffled, where's the balls, are the men that emasculated now? It would be so sad to see us fall without a single shot being fired.

I'm just curious, have you heard anything about this "Jade Helm" operation going on down in your neck of the woods? Every watchdog group that puts up information is instantly blocked by this govt (I'm just assuming that's who's doing the blocking). Some say it's our military learning how to round us up and place us in those "fema camps". Would love to hear your thoughts on it. Thanks

A Modest Scribler said...

Don't know anything about the Jade Helm group, Ken. I'll have to check it out. You'll probably also be slightly angered to hear that BP wrote off almost all of that $42 billion to clean up the gulf. Yep, we footed the bill for that too. Came across that one in the NY Times. Another one was a $73 million dollar Kia suit that got written off of their corporate taxes. The list is endless.