An economics professor has filed a lawsuit against Citigroup accusing the bank of using an unusual federal tax break during the financial crisis to avoid paying $800 million in New York State taxes.
I’m not a freaking tax lawyer, but something doesn't sound right on the surface of this whole deal. Something’s definitely not right.
I think the point to be made out of this whole conversation is that we need to redo our entire tax system to make it so it’s more understandable and we could do that in an easy way. As I’ve maintained for 25 years now, abolish the income tax and go to a national sales tax. It would eliminate all of this.
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