As if our nation's banks haven't suffered enough in the past two years, President Obama is considering a new tax to make up the costs of the Troubled Asset Relief Program…
The White House is considering a tax on financial institutions to ensure that taxpayers who bailed out banks get paid back, a senior administration official said Monday.
The law that created the $700 billion Troubled Asset Relief Program empowered the president to ask Congress to recoup money if bailouts were not paid back in full. [...]
"Imposing new taxes on top of the increased regulatory costs will weaken the industry, just when the industry is helping lead the economic recovery," said Scott Talbott, chief lobbyist for the Financial Services Roundtable, a bank lobbying group.
Exactly. Besides, if we make it more costly for billion-dollar financial institutions to stay in the business of screwing ordinary taxpayers, what incentive is there for ordinary taxpayers to keep working so they too can become billion-dollar financial institutions that screw ordinary taxpayers?
Tags: Banks, Barack Obama, Economy, Money, TARP, Taxes