Media

Media Hit | Transportation

Highway Expansion a Waste of Money

Maryland PIRG's op-ed in the Baltimore Sun responds to news of a crumbling bridge and $646 million state dollars that could be better spent.

Media Hit | Tax

How Much of Its Record Settlement Will S&P Write Off at Tax Time?

First comes the settlement. Next comes the tax write-off?

Standard & Poor’s Ratings Services on Tuesday announced a record $1.5 billion payout to resolve crisis-era lawsuits with the Justice Department, states and a pension fund over inflated residential mortgage deals. Collectively, the settlement total is 10 times larger than any other previously involving a credit-rating firm.

But how much of the unprecedented round of settlements could end up being written off?

Michelle Surka, a program associate with the nonpartisan consumer advocacy group U.S. Public Interest Research Group, said she thinks she has an answer based on an early analysis: about $290 million.

That’s about a $50 million break on state taxes but also the potential to write down $240 million of federal taxes owed in the more than dozen states involved in the settlement, Ms. Surka said.

Media Hit | Tax

When Company Is Fined, Taxpayers Often Share Bill

U.S. PIRG analysis and quotes featured in the New York Times Business Day section.

Media Hit | Tax

Too Big to Tax: Settlements Are Tax Write-Offs for Banks

“When people hear that this stuff is deductible, it just feels like adding insult to injury,” says Phineas Baxandall, a senior policy analyst and tax specialist at U.S. PIRG, a left-leaning consumer protection research group that has written reports on the tax deductions. “And when it’s not transparent, it’s shady.”

Media Hit | Tax

Obama didn't put up 'much of a fight' to keep Holder

"Holder faced criticism from consumer advocates, too. He was accused of failing to prosecute bankers responsible for the mortgage meltdown in 2008 — and when he reached civil settlements with major Wall Street institutions, he often allowed them to write off the judgments as business expenses, said Michelle Surka of the U.S. Public Interest Research Group."

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