Bank of America settlement loophole creates at least $4 billion burden for taxpayers
The Justice Department allows Bank of America to write off most of its legal settlement for mortgage abuses as a tax deduction, shifting at least $4 billion back onto taxpayers.
Interest Rate Doubles for Seven Million Student Loan Borrowers
Due to Congressional inaction, the interest rate on federally subsidized student loans doubled today from 3.4 percent to 6.8 percent. The change will affect seven million students nationwide, and in total the rate increase will hike the cost of students' loans by $7 billion. However, because most new student loans are issued in August and September, Congress can still pass a retroactive fix.
Offshore Tax Havens Cost Average Taxpayer $1,026 a Year, Small Businesses $3,067
With Tax Day approaching, it’s a good time to be reminded of where our tax dollars are going. U.S. PIRG released a new study which revealed that the average taxpayer in 2012 would have to shoulder an extra $1,026 in taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals. The report also found that the average small business would have to pay $3,067 to cover the cost of offshore tax dodging by large corporations.