OLYMPIA, Wash. – For liberal activists in Washington, it has become the Holy Grail of tax breaks. We’re talking about a deduction banks can claim on some mortgages. Last week, the Washington legislature voted to end this tax exemption for large, out-of-state banks. But now some on the left are calling it a “hollow” victory.
This was the scene last September outside a meeting of business leaders in central Washington.
Advocates for the poor protested JPMorgan Chase and the tax break it –- and other banks -– get on interest earnings from first mortgages.