New tax proposals for banks and their executive bonus plans are on the table. Obama and a Vermont congressman proposals may gain traction in both houses of congress, especially among the liberals who control both houses. These new ”fees” will be directed at the largest 50 banks in our country.
Obama’s 15 basis point tax ”financial crisis responsibility fee,” is on the table for discussion. Even if a bank, that happens to fall in the “top 50,” and did not participate in the TARP bailout, they will be held accountable for this fee along with those who accepted TARP money.
Take a look at these taxes and ask yourself, “are these products more expensive now than before?” Increased taxes and fees on businesses, pressures consumer prices upwardly 100% of the time. Corporate America can’t afford to absorb these fees and remain in business and keep people employed. Continually raising taxes or implementing new taxes on a fragile economy, destroys the future of real economic growth and expansion.
Obama’s belief is to capitalize on the anger the public has towards Wall Street. These ”fees” are punishment for the wreckless and irresponsible behavior of the financial institutions on Wall Street.
It is clear that Obama uses a “personal disdain” methodology for public consumption, in order to discipline or legislate from the executive branch.
Naturally, Congress is divided along partisan lines about these new fees.
JIM KUHNHENN posted these quotes between Barney Frank and Jeb Hensarling in his article at My Way News
“Look, the financial institutions collectively, particularly the larger ones, caused problems by their errors – their errors of judgment, their irresponsibility, in some cases their skating around dishonesty,” said House Financial Services Committee Chairman Barney Frank, D-Mass.
“I think it is entirely reasonable to say that the industry that, A, caused these problems more than any other and, B, benefited from the activity, should be contributing,” he said.
Republican Rep. Jeb Hensarling of Texas, a member of Frank’s committee, ridiculed the idea. “To think that banks will loan more money if you tax them is beyond economic ignorance,” he said.
There is no end to the irreparable damage that Obama and the liberals are doing to this country. What Rahm Emanuel said at the beginning of this administration about “crises” and how to bring about change is becoming more clear every day for the American taxpayers.
Lets make the 2010 elections a mandate against liberalism and the experimentation’s of government ideas that have no economic place in a country that has been built by free and industrious Americans
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