Are You Sitting Down?

You may want to be sitting down, and have your blood pressure pills handy when you read this BofA likely won't pay taxes for 2009 . The largest and fourth largest banks may not have to pay any taxes for 2009.
According to The Charlotte Observer:
"The idea of the country's No. 1 and No. 4 banks not paying federal income taxes may be anathema to millions of Americans who are grumbling as they fill out their own tax forms this month. But tax experts say the banks' situation is hardly unique".

Well, I'm no tax attorney or even an accountant, but this doesn't seem right. It probably is legal, but that doesn't make it right. They probably paid their execs miliions of dollars, and probably were able to carryover past "losses" from previous years. Our tax system is broken. We need to look towars something like The Fair Tax .

Now is the time...