Treasury Treason
November 11, 2008 • written by John Thayer
While the majority of Americans were worrying about the bailout, and as Congress debated it, the U.S. Treasury Department, quietly, with a stroke of a pen, gutted a key statute of the tax code that will save businesses billions of dollars a year.
The statute, enacted by Congress in 1986, prevented businesses from acquiring new firms and then using those firm’s losses to offset their gains thereby allowing them to pay significantly less in taxes.
As some of you may remember from one of your classes on U.S. Government, only Congress is authorized ,by the Constitution, to make and amend taxes. This makes the Treasury’s move a huge violation of the Constitution.
This move has gone largely unnoticed by the mainstream media and the public due to the smoke screen that the bailout created at Washington.
Just when you thought a $850,000,000,000 bailout package was enough…
Source: http://www.chron.com/disp/story.mpl/editorial/6105434.html
Filed Under News, Uncategorized, World News
Tagged: bailout, government, money, U.S.
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