How big of a deal is the Tax Loophole-Creating Annual Tax Extender Provision Related to Granting an Exception Under Sub Part F, which primarily permits Multi-National New York City Banks to defer paying US federal income tax, even though existing tax law requires them to pay this tax now?
Well, let me lay out the breakdown of the tax loophole-creating tax breaks for just one year for the three largest of the tax breaks included in the Annual Tax Extenders ..... 2014 ..... since it was so easy to find it from a quick Google Search.
The largest annual tax break here was for the Research Tax Credit ..... $7.6 Bil ..... and I think this tax break is a very smart one for the US economy.
The second largest annual tax break here was for Renewable Power Facilities ..... $6.3 Bil ..... and the company probably getting the largest of these tax breaks is Missouri and Maryland Headquartered SunEdison and its Subsidiaries, which are now in very serious financial condition and it is well conceivable that they might well file for bankruptcy ...... giving such a huge tax break to a company which might be filing for bankruptcy makes absolutely no sense.
And the third largest annual tax break here is the tax deferral granted predominately to Multi-National New York City Metro Area Banks and Financial Companies ..... $5.1 Bil ..... and I think this tax break is a flat out giveaway and does absolutely nothing for the US economy
So, who were the two US Senators serving the State of New York when these Multi-National New York City Banks were first awarded this tax loophole-creating tax largesse of tax deferral? Hillary Clinton and Chuck Schumer. Do you think that these New York City Banks would have gotten this massive $5.1 Bil annual tax break and one that was extended annually for more than 10 years without Hillary Clinton and Chuck Schumer both aggressively seeking it for them? There is no way.
And these two US Senators from New York voted for the Tax Extenders containing these exorbitant tax breaks for Big New York Banks in every year in which they subsequently served as US Senators.
So, can you see why the Big New York Banks are willing to give Hillary Clinton $250,000 per short 50 minute speech to them? It seems very reasonable that it is financial payback for receiving more than $50 Bil (i.e. $5 Bil per year for each of more than 10 years) just so far of tax loophole largesse.
For Hillary Clinton to now claim that she never did a favor for New York Big Banks is being flat out dishonest.
And I think the reason she wants to keep the transcripts of her Goldman Sachs speeches secret is that it only makes sense that if you are one of the main reasons the New York Big Banks received over $50 Bil of tax loopholes just so far, this fact would clearly be included in your speech and the Goldman Sachs people in attendance would have given her an extended standing ovation for this. And in the extremely unlikely event that she didn't include it in even one of these speeches, there is no doubt that in the Q&A part after the speech, Goldman Sachs attendees would have certainly brought it up and thanked and praised her effusively for financially and massively assisting both Goldman Sachs and them personally since their annual bonus would have been raised substantially due to her benevolent actions. After all, this is more than $50 Bil and Big Banks Know Money. Just sayin!
And yes, this more than $50 Bil of Tax Breaks also directly increase Reported Net Income of the Multi-National Big Financial Industry, predominately Metro New York City Banks, by the same $50 Bil amount.