Instead of the normal BREAKING, let's file this one under - You've Got To Be Fucking Kidding Me!!!
Another Monday, another Bush Administration giveaway of taxpayer dollars. So it has finally been revealed that while the economy was melting down last September, the Treasury Department thought it would be a terrific time to write their own illegal tax break to banks that could be worth $140 BILLION (without notifying Congress, who actually makes the tax laws). What is a few billion amongst friends, right? It's only taxpayer dollars. Plus the Treasury says its ok.
This is exactly the type of shit that has to STOP. Can anyone find a Democrat with a spine?
According the Washington Post in a Monday article, the Treasury Department swept this through while lawmakers were busy with the economic crisis. The Treasury simpled issued a five sentence ruling and it was done.
Here is what really pisses me off about my "representatives":
The sweeping change to two decades of tax policy escaped the notice of lawmakers for several days, as they remained consumed with the controversial bailout bill. When they found out, some legislators were furious. Some congressional staff members have privately concluded that the notice was illegal. But they have worried that saying so publicly could unravel several recent bank mergers made possible by the change and send the economy into an even deeper tailspin.
"Did the Treasury Department have the authority to do this? I think almost every tax expert would agree that the answer is no," said George K. Yin, the former chief of staff of the Joint Committee on Taxation, the nonpartisan congressional authority on taxes. "They basically repealed a 22-year-old law that Congress passed as a backdoor way of providing aid to banks."
So, everyone knew it was illegal but they didn't want to rock the boat? What the fuck are we electing people to represent us for? This type of activity is a great example of what needs to change in Washington. The Bush Administration is currently getting help keeping this quiet from one of our own, Senator Max Baucus (D - Mont), the chairman of the Finance Committee.
In an off-the-record conference call on Oct. 7, nearly a dozen Capitol Hill staffers demanded answers from Solomon for about an hour. Several of the participants left the call even more convinced that the administration had overstepped its authority, according to people familiar with the conversation.
But lawmakers worried about discussing their concerns publicly. The staff of Sen. Max Baucus (D-Mont.), chairman of the Finance Committee, had asked that the entire conference call be kept secret, according to a person with knowledge of the call.
What part of illegal is not being understood? I am certainly tired of the Bush Administration and their complete lack of respect for the rule of law. And I do understand that making this public makes some banks and lawmakers uncomfortable. But at what point do we make our Democratic leaders put their foot down and say ENOUGH!!! Do not look the other way when the Bush Administration and the Treasury Department push through ILLEGAL tax breaks. Last I knew, Congress was the only who could make tax laws. I guess I was sick the day the Bush Administration changed that too.
Where are my Democratic leaders and why are they not raising hell over this?