Bank of America, Wells Fargo Might Not Pay Federal Taxes for 2009

How’s that de-regulated free market working out for you?

This tax season will be kind to Bank of America and Wells Fargo: It appears that neither bank will have to pay federal income taxes for 2009.┬áBank of America probably won’t pay federal taxes because it lost money in the U.S. for the year. Wells Fargo was profitable, but can write down its tax bill because of losses at Wachovia, which it rescued from a near collapse.

via Bank of America, Wells Fargo Might Not Pay Federal Taxes for 2009.