Big Bank Tax Break

During frenzied events last fall as Congress rushed to pass a $700 billion Wall Street bailout bill, then-Treasury Secretary Henry Paulson rewrote a piece of the tax code to expedite mergers. The quiet alteration amounts to an estimated $140 billion windfall for big banks. Some critics say Paulson's move was downright illegal. "Every tax lawyer who has commented on it, virtually everyone who doesn't work for the [Bush] administration, thinks it's illegal," Senator Bernie Sanders told the America

During frenzied events last fall as Congress rushed to pass a $700 billion Wall Street bailout bill, then-Treasury Secretary Henry Paulson rewrote a piece of the tax code to expedite mergers. The quiet alteration amounts to an estimated $140 billion windfall for big banks. Some critics say Paulson's move was downright illegal. "Every tax lawyer who has commented on it, virtually everyone who doesn't work for the [Bush] administration, thinks it's illegal," Senator Bernie Sanders told the American News Project.

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