House to Probe 'Outrageous' Citi Tax Break
Kucinich calls IRS ruling 'a farce'
By Rob Quinn,  Newser Staff
Posted Dec 18, 2009 3:00 AM CST
Rep. Dennis Kucinich holds up the Wall Street Journal during a House Oversight and Government Reform Committee hearing.   (AP Photo/Lawrence Jackson)

(Newser) – Citigroup is receiving an "outrageous" $38 billion tax exemption because the government hasn't got a clue how to juggle its dual roles of shareholder and tax collector, Democratic Rep. Dennis Kucinich charged yesterday. He vowed that his domestic policy subcommittee of the House oversight committee will demand answers from Treasury officials.

The IRS decided this week to exempt Citigroup from tax regulations relating to changes in ownership, a move that may help the government get a better price for its shares. "This does a disservice to the taxpayers, it does not help the taxpayers recover the value of their investment and it raises troubling questions about how the administration is negotiating its role," Kucinich tells the Washington Post.

 

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