View Full Version : No taxes from Wall st for years now........

08-12-2008, 04:07 PM
Wall Street Losses Cut Tax Bill, Sap New York Revenue (Update3)
By Henry Goldman and David Mildenberg
Wall Street's mortgage losses have grown so large that some firms may pay little or no taxes for years, widening New York City and state deficits and challenging their ability to provide services, Mayor Michael Bloomberg said.
Some companies are seeking refunds from the city on taxes they prepaid, saying losses have cut their tax liability to zero. The banks pay tax on 110 percent of earnings in advance as a ``safe harbor,'' protecting against penalties for underpayment.
``It will be a number of years before Wall Street starts paying taxes again,'' the mayor said at a press conference yesterday in Manhattan. ``They will carry forward all of those losses.'' Aug. 12 (Bloomberg) --

World wide losses reported at US$500 bill.

And I noted on the weekend there are no more federal funds for Fannie and Freddie. Only one of our banks seems not to have exposure to US sub prime, so they say. Others were saying the same a few weeks ago. How is everyone travelling? Our version of your Federal Reserve Bank forecasts a big jump in unemployment, and that will probably see me out of the picture.

08-12-2008, 05:16 PM
and on the other side of the coin.......the locals have doubled the property taxes on things around here this past year.......and literally dozens of for sale signs up and down the streets.

Nicholas Scheuer
08-12-2008, 05:34 PM
So, the "low taxes" mantra we contantly hear from Biz-type Repubs is a red herring, eh? They don't pay ANY taxes! What a crock! Why don't they have the decency to just let Obama go ahead and raise taxes, it'll be only the lower rungs of the economic ladder who pays, anyway.

They ought'ta rename the MBA degree "MLL"; Master of Legal Larceny. Nothing they've promulgated ovet the last 8 years has kept manufacturing from flying "offshore", yet they're still getting fat bonuses.

Moby Nick