Organizations Invited to Join Letter to Congress Urging Reversal of Unauthorized Tax Giveaway for Large Banks
A sign-on letter being circulated to state and national organizations urges Congress to reverse the "Wells Fargo ruling," the $140 billion tax cut for banks that the Treasury created by telling them to simply ignore a law enacted by Congress to prevent abusive tax shelters.
The letter asks lawmakers to cosponsor legislation introduced in the House and Senate to reverse this Treasury notice so that the tax code can once again effectively block abusive tax shelters.
In addition to the $140 billion in federal revenue that will be lost, state governments will also lose revenue, because most states have a corporate tax that is linked to the federal corporate tax. California, for example, will reportedly lose $2 billion if the Treasury notice is allowed to stand. States are already cutting back needed public services and the Wells Fargo ruling will only make matters worse.
If you are authorized to sign this letter on behalf of an organization, please sign online before noon, Monday December 8, by clicking here.
Click here to see a PDF version of the letter and the organizations that have signed on as of December 4.
If you are not authorized to sign on behalf of an organization but you would still like to take action, send an email to your members of Congress by clicking here.
For more information on the Wells Fargo ruling and the legislation that has been introduced in Congress to reverse it, see our previous Digest article on this issue.