SEE states-look-beyond-borders-to-collect-owed-taxes
states-ignore-obvious-remedy-to-fiscal-meltdown
tax-impact-of-principal-reduction
accounting-for-damages-madoff-ruling-may-affect-homeowner-claims
taxing-wall-street-down-to-size-litigation-guidelines
taking-aim-at-bonuses-based-on-23-7-trillion-in-taxpayer-gifts
payback-timemany-see-the-vat-option-as-a-cure-for-deficits
As we have repeatedly stated on this blog, the trigger for the huge deficits was the housing nightmare conjured up for us by Wall Street. Banks made trillions of dollars in profits that were never taxed. The tax laws are already in place. Everyone is paying taxes, why are they not paying taxes? If they did, a substantial portion of the deficits would vanish. Each day we let the bankers control our state executives and legislators, we fall deeper and deeper in debt, we lose more social services and it endangers our ability to maintain strong military and law enforcement.
The argument that these unregulated transactions are somehow exempt from state taxation is bogus. There is also the prospect of collecting huge damage awards similar to the tobacco litigation. I’ve done my part, contacting the State Treasurers and Legislators all over the country, it is time for you to do the same. It’s time for you to look up your governor, State Treasurer, Commissioner of Banking, Commissioner of Insurance, State Commerce Commission, Secretary of State and write tot hem demanding that they pursue registration fees, taxes, fines, and penalties from the parties who say they conducted “out-of-state” transactions relating to real property within our borders. If that doesn’t work, march in the streets.
The tax, fee, penalty and other revenue due from Wall Street is easily collectible against their alleged “holding” of mortgages in each state. One fell swoop: collect the revenue, stabilize the state budget, renew social services, revitalize community banks within the state, settle the foreclosure mess, stabilize the housing market and return homeowners to something close to the position they were in before they were defrauded by fraud, predatory lending and illegal practices securitizing loans that were too bad to ever succeed, even if the homeowner could afford the house.
Filed under: bubble, Bush, CDO, community banks, CORRUPTION, credit unions, currency, Eviction, expert witness, Fannie MAe, foreclosure, Forensic Analysis Workshop, GTC | Honor, HERS, inflation, interest rates, Investor, MODIFICATION, Mortgage, Motion Practice and Discovery, Obama, politics, securities fraud, Securitization Survey, Servicer, taxes, workshop | Tagged: "out-of-state" transactions, damage awards, fines, penalties, predatory lending, real property, registration fees, revenue due from Wall Street, securitizing loans, state taxation, Tax Apocalypse, tax laws, taxes | 8 Comments »