While most of the nation was fixed on the $700 billion Wall Street bailout, the Treasury Department quietly axed Section 382, which bars wealthy corporations from buying bankrupt companies and using those companies' losses to evade taxes. The change could cost the U.S. $140 billion in much-needed revenue. Wells Fargo alone could use its purchase of Wachovia to avoid $25 billion in taxes.
Call your senator and pressure him or her to support legislation to reverse the Bush administration's corporate tax giveaway. If you're in Florida, call Sen. Bill Nelson at 202-224-5274.
After 8 years of Republican swindling, lies, torture, intent to bankrupt this nation and cronyism, let's begin the cleanup efforts now!