bank taxes

Washington State Legislature
11:18 am
Tue April 17, 2012

'Hollow victory' for proponents of taxing banks in Wash.

File photo of anti-poverty protesters rallying outside the Association Of Washington Business summit at Suncadia Resort in September. Photo by Austin Jenkins

Originally published on Mon April 16, 2012 5:04 pm

OLYMPIA, Wash. – For liberal activists in Washington, it has become the Holy Grail of tax breaks. We’re talking about a deduction banks can claim on some mortgages. Last week, the Washington legislature voted to end this tax exemption for large, out-of-state banks. But now some on the left are calling it a “hollow” victory.

This was the scene last September outside a meeting of business leaders in central Washington.

Advocates for the poor protested JPMorgan Chase and the tax break it –- and other banks -– get on interest earnings from first mortgages.

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