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De onwettige belastingsregeling geeft $140 miljard aan de grootste banken van de V.S.

Donderdag, 13 November, 2008

Door Bill Van Auken |

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Een extra-legal maatregel die stil door de Afdeling van de Schatkist in de schaduw van het $700 miljard bailout van Wall Street pakket wordt bepaald zal de grootste banken van het land nog eens $140 miljard meevaller overhandigen, Washinton Post meldde deze week.

In vijf-zin een memorandum dat op 30 September, op de vooravond van de eerste stemming van het Huis op de bailout rekening wordt uitgegeven, bracht de Afdeling van de Schatkist unilateraal een twee-decennium-oude belastingswet ten val die door Congres wordt overgegaan. De maatregel ontzegde voordelige bedrijven de capaciteit om hun winsten van belastingheffing te beschermen door failliete firma's op te kopen als shell bedrijven en hun verliezen te gebruiken als belastingszijsprong.

De wet, sectie 382 van de belastingscode, werd bepaald door Congres in 1986. Het werd gericht op het inkorten van wat als het ongehoorde collectieve scamming van het belastingssysteem werd gezien. De republikeinse juiste en collectieve lobbyisten hebben voor het de herroeping of amendement van de maatregel sinsdien geduwd.

De woordvoerder Andrew DeSouza van de Afdeling van de schatkist verdedigde de actie, vertellen Post dat het beleid de bevoegdheid had om een wet ten val te brengen die door Congres als deel van zijn mandaat wordt overgegaan om de belastingscode te interpreteren. Hij drong verder erop aan dat de actie een noodzakelijk middel was om de banken van de financiële afsmelting te redden.

„Dit maakt deel uit van onze algemene inspanning om hulp te verstrekken,“ hij zei.

Post gerapporteerd in zijn 10 November artikel: „Meer dan zeiden dozijn belastingconsulenten die voor dit verhaal worden geïnterviewd - met inbegrip van verscheidene die banken vertegenwoordigen die zich bevinden om miljarden van de verandering te oogsten - de Schatkist geen gezag had om het bericht uit te geven.“

„Had de Afdeling van de Schatkist het gezag om dit te doen? Ik denk bijna elke belastingsdeskundige dat het antwoord nr is,“ George K. het ermee eens zou zijn. Yin, de vroegere leider van personeel van het Paritaire Comité van het Congres bij de Belastingheffing, vertelde Post. „Zij herriepen fundamenteel een 22 éénjarigenwet die het Congres als heimelijke manier overging om hulp aan banken te verstrekken.“

De actie door de Afdeling van de Schatkist is gesynchroniseerd de „Putten Fargo Beslissend,“ aangezien het blijkbaar directe hulp aan het succesvolle bod door Putten Fargo verstrekte om de ontbrekende bank op te kopen Wachovia. Volgens bronnen die door worden aangehaald Post, zal de belastingsverandering Putten Fargo $25 miljard van de overeenkomst opleveren.

In other similar takeovers, PNC bank, enjoyed a windfall of $5.1 billion in its takeover of National City as a result of the scrapping of the tax law, while the Spanish Banco Santander gained another $2 billion because of the change when it gobbled up Sovereign Bancorp.

The clear aim of the tax measure was to steer the hundreds of billions of dollars that have been injected into the biggest private banks into the profitable buying up of their weaker competitors, thereby facilitating the concentration of economic power in the hands of a few giant banks, allowing them to exercise monopoly control over the financial system.

The cost of the measure will be paid by American working people, who will be faced with the slashing of funds for health care, education and other vital social programs in order to make up for the tax giveaway to the banks.

The most revealing aspect of the Post article is its depiction of the reaction of the Democratic leadership in the US Congress to the Treasury Department’s usurpation of power through the unilateral repeal of a law by executive fiat.

As the article makes clear, neither Treasury Secretary Henry Paulson nor anyone else in the department bothered to inform Congress of the action.

While leading legislators were described as “outraged” when they discovered the action days later, they acted deliberately to keep it from being revealed to the American people.

“Lawmakers worried about discussing their concerns publicly,” the Post reported. When a conference call was organized between Treasury and Capitol Hill staff members, the staff of Senator Max Baucus (Democrat-Montana), the chairman of the Finance Committee, “asked that the entire conference call be kept secret,” the Post reported.

The newspaper quoted one congressional aide as saying: “We’re all nervous about saying that this was illegal because of our fears about the marketplace. To the extent we want to try to publicly stop this, we’re going to be gumming up some important deals.”

Another aide told the Post, “None of us wants to be blamed for ruining these mergers and creating a new Great Depression.”

The newspaper cited legal experts who compared the Democrats’ spinelessness in their secret protests over the extra-legal measures by the Treasury Department to similar objections made before the Democratic leadership passed the measure granting the Bush administration unrestricted power to wage a war of aggression against Iraq.

This extraordinary episode has exposed the complete subservience of the Democratic Party to the interests of Wall Street and the willingness of its leadership to submit to an effective dictatorship exercised by finance capital in violation of the law and the US Constitution.


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This entry was posted on Thursday, November 13th, 2008 at 6:19 pm and is filed under Business News . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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