SUMMARY
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The fiscal cliff deal gave Wall Street a US$11 billion tax windfall, CNN said. The law that President Obama signed into law in early January included a sweetener that gave a tax break that helps Wall Street banks and giant companies such as General Electric lower their tax bills, which included a total of $11 billion in 2012 and 2013. Typically, corporations face a 35% federal income tax which is behind companies’ workaround strategy to sell things overseas, in effect deferring taxes on profits from those items. Since financial services companies can’t do, the fiscal deal allows them to defer U.S. taxes on overseas profits on financial transactions.
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