Source: Reuters
President Barack Obama, fresh from a win on a sweeping overhaul of Wall Street regulations, on Saturday urged Congress to take up his proposal for a $90 billion, 10-year tax on banks as the next step in reform.
Obama wants to slap a 0.15 percent tax on the liabilities of the biggest U.S. financial institutions to recoup the costs to taxpayers of the financial bailout.
"We need to impose a fee on the banks that were the biggest beneficiaries of taxpayer assistance at the height of our financial crisis — so we can recover every dime of taxpayer money," Obama said in his weekly radio and Internet address.
Obama, who is in Canada to attend gatherings with leaders of the world's biggest economies, also used the address to welcome a deal by congressional negotiators on a historic rewriting of U.S. financial regulations.
Obama hopes to tout the changes as a model for other countries at the Group of 20 summit on Saturday and Sunday.
Great idea, in theory, and bad at the same time. I can see what will happen already. This tax would mean nothing to the banks. They will merely pass on this extra cost to us, the people, who were already robbed in the first place. This is supposed to be an effort to re-coop what was already taken from us? Without extreme policy on how banks can charge us before this gets enacted, when it gets enacted (not if), this will be the great train robbery part 2. Tax the banks to re-coop money taken from the people. The banks pass on the cost to us. Then, the government says, "Look! We got your money back!" Nope, they just took from us again. As has been the case with most people in this country, most will fall for this and not realize they just got taken again, and praise Obama for his efforts.
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