“The financial services industry, whose leaders had earlier joined a group of other corporate executives pushing for a “fair” solution to the fiscal crisis, is one of the primary beneficiaries of special-interest tax breaks. The active-financing exception, for example, permits banks like Morgan Stanley to avoid the 35 percent U.S. corporate tax rate on interest income from money lent overseas. A handful of other U.S.-based multinational companies with financing arms, such as Ford Motor Co. and General Electric, also use that exemption to lower their tax bills. The two-year cost to taxpayers is an estimated $11.2 billion, according to the congressional Joint Committee on Taxation.”
THIS MAKES MY BLOOD BOIL .HOW ABOUT YOU?
http://www.huffingtonpost.com/2013/01/02/fiscal-cliff-wall-street_n_2397933.html?icid=maing-grid7|main5|dl1|sec1_lnk3%26pLid%3D252378
