Weaning Citigroup from the Taxpayer Bailout by Milking the Taxpayer
U.S. gave up billions in tax money in deal for Citigroup's bailout repayment DEAL MADE TO RECOVER BAILOUT Firms exempted from rule when U.S. sells its stake By Binyamin Appelbaum Washington Post Staff Writer Wednesday, December 16, 2009; A01 The federal government quietly agreed to forgo billions of dollars in potential tax payments from Citigroup as part of the deal announced this week to wean the company from the massive taxpayer bailout that helped it survive the financial crisis.
We are being taken for idiots. This president is supporting another bubble economy at taxpayer expense.
The Internal Revenue Service on Friday issued an exception to long-standing tax rules for the benefit of Citigroup and a few other companies partially owned by the government. As a result, Citigroup will be allowed to retain billions of dollars worth of tax breaks that otherwise would decline in value when the government sells its stake to private investors.
Tax breaks are not their money to give. Tax brea…