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J.P. Morgan to Get $1.4 Billion Tax Refund

I just wrote the IRS a hefty check.  I work hard to run my business at a profit.  I do not take stupid risks, or gamble like a Wall Street bankster.  Like a middling middle class idiot, I wake up and work hard for my money.  Thus, I earn a profit every year - though certainly not Wall Street level money.Since I made an accounting error two years ago, I even paid a 20% penalty on some of my income.  My mistake: I should own it, right?  Isn't paying taxes what we honest Americans do?Where will my money go?  To J.P. Morgan: J.P. Morgan Chase & Co. is nearing a deal that would allow it to benefit from a tax refund of as much as $1.4 billion, becoming the latest company to tap a little-noticed plank in an economic stimulus bill. That law let companies apply losses from 2008 or '09 against taxes paid in the previous five years, instead of the previous two years...continue to full post

Full post as published by Crime & Federalism on March 24, 2010 (boomark / email).