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Wall Street Ready to Claim Billions in Tax Breaks on Bonus Payments.

Pat Garofalo, Think Progress, 1 January 2009

Many American banks already pay minuscule federal income taxes, because of various deductions and clever tax planning; the payout-related breaks will reduce their tax bills further in coming years…Altogether, the top three Wall Street banks — Goldman Sachs, JPMorgan Chase and Morgan Stanley — will gain nearly $20 billion in tax breaks based on their employee compensation this year.

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