Tuesday, January 20, 2009

Trade groups seek tax break on forgiven debt

Business is greedy. If their debt is forgiven, should not they at least forgive the debt of their debtors before asking for more expense relief? Debt forgiveness is like "income" and is taxable. Consumers need "debt forgiveness" more than business need more tax breaks. Business lobby this for a CHANGE ~ forgive consumer dept and ask for a tax break on that. Consumers lobby for "debt relief/forgiveness" and pay the "income tax" ~~ IRS grants payment terms :D


The following appeared on Boston.com:
Headline: Trade groups seek tax break on forgiven debt
Date: Jan 20, 2009

"WASHINGTON - Commercial real estate companies, the US Chamber of Commerce, and companies partly owned by private-equity firms are pushing Congress for a temporary tax break on forgiven debt similar to relief given in 2007 to homeowners facing foreclosure."

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