Croatan Institute protests tax breaks for financial firms responsible for the mortgage crisis
Croatan Institute joins 74 labor, community, and civil society groups in asking the Department of Justice to prohibit JPMorgan Chase from reaping a multi-billion dollar tax deduction on its expected record-breaking settlement over its sale of crisis-era mortgage-backed securities. The expected $9 billion settlement for the bank's mortgage lending abuses could be considered a tax-deductible business expense by the firm, thus forcing taxpayers to shoulder more than $3 billion in tax subsidies. Along with the letter, there have been over 160,000 signatures presented by the U.S. Public Interest Research Group and Americans for Tax Fairness to the Department of Justice.
For more information on Croatan Institute's work, visit the Institutional Accountability program page.
View the letter here.