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the Treasurys legal authority to issue Notice 2008-83.
ve heard that the Treasury has pointed to two sources of authority (1) its authority to promulgate regulations under 382 and (2) its authority under the TARP bill, writes Fleischer. Neither seems adequate.
Fleischer also is bothered by what he aptly describes as the unsupervised, non-transparent, unaccountable exercise of lawmaking.s apparently a concern of the folks who are charged with the actual making of laws. So some members of Congress have decided its time that they took legislative action.
Lawmakers get in on the act: Rep. Lloyd Doggett (D-Texas), who serves on the tax-writing Ways and Means panel, says his recently-introduced bill H.R. 7300 sets reasonable boundaries on s back-door giveaway to banks.
Doggett and bill cosponsors Jim McDermott (D-Wash.), Pete Stark (D-Calif.), Bill Pascrell, Jr. (D-N.J.) and John Lewis (D-Ga.), all members of Ways and Means, say Notice 2008-83 amounts to a tax break worth more than $100 billion to eligible banks and that it ultimately allowed Wells Fargo to purchase Wachovia. Their legislation would prevent banks from sheltering income under Section 382 by purchasing companies with net operating losses.
H.R. 7300 also would instruct the Treasury inspector general to investigate the circumstances surrounding the notices issuance, with particular attention to possible conflicts of interest.
Across Capitol Hill, Sen. Bernie Sanders (Independent-Vt.) introduced a companion bill, S. 3692, to rescind Notice 2008-83.
Not enough time? These legislative efforts are good news for all of us with questions about just how the bailout is being run. But the bad news is that the chances for passage of the bill are dwindling along with the days left in the 110th Congress.
If they dont make it into law this time, look for the bills to be reintroduced when the new Congress convenes in January.
In the meantime, keep a sponge handy to wipe off all the mess that this financial stew is making. If it burns on, well never be able to clean it off completely.
See more: tax help
ve heard that the Treasury has pointed to two sources of authority (1) its authority to promulgate regulations under 382 and (2) its authority under the TARP bill, writes Fleischer. Neither seems adequate.
Fleischer also is bothered by what he aptly describes as the unsupervised, non-transparent, unaccountable exercise of lawmaking.s apparently a concern of the folks who are charged with the actual making of laws. So some members of Congress have decided its time that they took legislative action.
Lawmakers get in on the act: Rep. Lloyd Doggett (D-Texas), who serves on the tax-writing Ways and Means panel, says his recently-introduced bill H.R. 7300 sets reasonable boundaries on s back-door giveaway to banks.
Doggett and bill cosponsors Jim McDermott (D-Wash.), Pete Stark (D-Calif.), Bill Pascrell, Jr. (D-N.J.) and John Lewis (D-Ga.), all members of Ways and Means, say Notice 2008-83 amounts to a tax break worth more than $100 billion to eligible banks and that it ultimately allowed Wells Fargo to purchase Wachovia. Their legislation would prevent banks from sheltering income under Section 382 by purchasing companies with net operating losses.
H.R. 7300 also would instruct the Treasury inspector general to investigate the circumstances surrounding the notices issuance, with particular attention to possible conflicts of interest.
Across Capitol Hill, Sen. Bernie Sanders (Independent-Vt.) introduced a companion bill, S. 3692, to rescind Notice 2008-83.
Not enough time? These legislative efforts are good news for all of us with questions about just how the bailout is being run. But the bad news is that the chances for passage of the bill are dwindling along with the days left in the 110th Congress.
If they dont make it into law this time, look for the bills to be reintroduced when the new Congress convenes in January.
In the meantime, keep a sponge handy to wipe off all the mess that this financial stew is making. If it burns on, well never be able to clean it off completely.
See more: tax help
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