Remember This?

Given what our current VP in charge of nothing said back on the campaign trail, wouldn’t that make the 13 TARP receiving banks who owe back taxes unpatriotic, and would it not make GM suspect?  Once again, read the whole article and cast your eye on TurboTax Timmie’s Treasury Department.

GM bailout has future tax break worth billions

WASHINGTON (AP) – The government bailout of General Motors includes a valuable prize for the ailing carmaker: a tax break that could save GM and its future investors more than $12 billion—if it ever becomes profitable again.

But these are far from ordinary times. The Treasury Department has, in effect, suspended long-standing tax rules for companies that receive bailout money, providing benefits not available to firms that don’t receive government help. New Treasury rules could provide GM billions in tax breaks once it becomes profitable and starts paying taxes again, which could be years away.

For tax purposes, it’s like the government’s ownership never happened, said Robert Willens, a corporate tax accountant in New York.

The new tax rules, issued over the past several months, are part of the government’s massive effort to prop up struggling financial firms and the automobile industry. The goal is to help companies like GM eventually become profitable, so the government can sell its stake, get back its investment and get out of the carmaking business.

The notices have the full effect of a law, even though they aren’t reviewed or approved by Congress. They also apply to banks and other financial firms receiving money from the Troubled Asset Relief Program, or TARP. (empasis added)

But the new rules don’t apply to corporations that are taken over by other private companies. That means Chrysler could lose the value of its tax write-offs in its merger with Italy’s Fiat Group SpA, depending on the structure of the company after it emerges from bankruptcy protection, tax experts said.

The moral of this story is to become part of the government and do not pay your taxes like most of Barack Obama’s appointees and bailed out banker friends. (Did Chrysler not contribute enough to Dem’s campaigns?)

If you are still thinking that anyone besides The Federal Reserve and the Treasury Dept. are running this country….wise up!  This would also explain why writing to your representatives in D.C. is no longer an efficient or logical means of effecting change.