WASHINGTON–The Government Accountability Office study released today found that banks wrote off more $100 billion off their taxes in 2004 and took tax credits of another $6 billion. The study, requested by now Senator Bernie Sanders (I-Vt.), showed that banks’ tax deductions totaled $108 billion in 2004 and tax credits tacked on another $6 billion. “According to IRS data and officials, banks and thrifts use tax deductions, credits, and other provisions that are generally available to all corporations. Treasury considers only one tax provision–the deduction of excess bad debt reserves–a tax expenditure available exclusively to banks and thrifts and estimates revenue losses for this tax expenditure at $10 million in 2007,” the study said. At the same time banks have fought to have credit unions taxed, which could bring in approximately $14 billion in potential revenue over 10 years. Additionally, banks just gained a legislative victory getting approximately $400 million more in tax deductions, according to CUNA, tucked into the supplemental spending bill.

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