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> Square SQ 1.65% Inc. has lent $5 billion to small businesses and consumers and applied for a banking license. "Applied for a banking license". That applicati
by nwallin 7y ago
> Square SQ 1.65% Inc. has lent $5 billion to small businesses and consumers and applied for a banking license.
"Applied for a banking license". That application was rejected. Square doesn't have a banking license. Square asked to become a bank and the government said, "No."
Square should either be a bank and be taxed like a bank, or it should be a not-bank and taxed like a not-bank. If I were to make $50,000 this year and the government puts me in the $500,000 tax bracket I'd be a little miffed too.
IMHO this is dishonest reporting.