Obama Tax Change Likely To Benefit Developers

From the Wall Street Journal‘s Jesse Drucker: "The main business tax cuts proposed by President-elect Barack Obama are likely to be a windfall for two industries particularly tied to the current economic meltdown: Wall Street investment banks and home builders. Under the proposal being crafted by the incoming Obama administration and congressional Democrats, companies would be able to use their so-called tax losses to offset taxable U.S. profits earned in the past five years.Typically, companies can carry back such losses only two years."

Article continues below
More from Culture
Partiers at last year's MoMA PS1 Halloween Ball.
Get Your Halloween Art Party On, and Other Spooky Things to Do This Weekend