Obama to tax banks...

[festus]

BUSINESSES DO NOT PAY TAXES. THEY PASS THAT COST OFF TO THEIR CUSTOMERS. IN THIS CASE THE CUSTOMER IS US. SO WHAT THIS ARTICLE IS REALLY SAYING IS THAT THE COST OF BANKING IS GOING UP AND WE THE CUSTOMERS WILL HAVE TO PICK UP THE TAB FOR THE BAILOUT WITH HIGHER FEES...HIGHER COSTS...AND LESS EARNED INTEREST. I GUARANTEE YOU THAT WE THE LITTLE PEOPLE WILL BE MILKED FOR EVERY DIME THEY CAN GET IN THE NAME OF TAXATION OF THE BANKS WHICH IS REALLY US.

(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 calls for bank tax as next step in reform | Reuters
Politics

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.

"I hope we can build on the progress we made at last year's G20 summits by coordinating our global financial reform efforts to make sure a crisis like the one from which we are still recovering never happens again," he said.

The financial regulation package would set up a new financial consumer watchdog, create a protocol for dismantling troubled financial firms and mandate higher bank capital standards, with the aim of avoiding a repeat of the 2007-2009 financial meltdown.

The bill, marking the biggest changes to the financial regulatory structure since the 1930s, still needs final approval from both chambers of Congress.

Obama, who hopes to sign the legislation by July 4, urged Congress to push the bill "over the finish line."

With congressional elections looming in November, Obama hopes the financial reform and the bank tax idea will resonate with U.S. voters furious over Wall Street risk-taking that led to the financial meltdown and the worst recession in decades.

Some lawmakers have indicated they are receptive to the bank tax proposal but others have questioned whether it is fair to impose the tax on banks that have already repaid money from the Troubled Asset Relief Fund to make up for losses by American International Group Inc and General Motors.

Financial companies with more than $50 billion in assets and hedge funds with more than $10 billion in assets will be hit with the new levy upon enactment and lasting until 2020.

(Writing by Caren Bohan, Editing by Mario Di Simine)

[miestrojerry]

I got an agreement in the mail from my bank reflecting service charges and other costs, this is due to the new financial regulations. I modified the agreement they wanted me to sign and mailed it back to them. The bank sent me an acknowledgement letter.

When the Gov makes new sweeping reforms, corporate American takes about 2 weeks to figure out how to get around the new laws.

Plus the cut in doctors reimbursement from Medicare has been pushed back by 6 months, many doctors have said they will not accept medicare patients if the cuts go thru.

Jerry

[miestrojerry]

A post srcipt to my post about back fees on this thread. I got an acknowledgement from my bank that said that they got the forum and we are set to go. Which means my terms are what they agreed to.

Jerry

[Conservative Wife & Mom]

Bank interest rates can't go much lower. Question: If this new federal regulation, on the banking industry, results in even lower interest rates, are "we the people" going to owe the banks interest for the privilege of "storing" our money with them?

Am I the only person who feels caught in a "day"mare where our government is actually an institution for the criminally insane and the patients are in charge?

[Mudinyeri]

Kiss "free checking" goodbye.

[JJFlash]

Just to keep us all honest...not all businesses can pass off tax increases to the consumer. I have plenty of small business clients who are in a constant struggle to pay wages, vendors, and taxes. They typically are competitive, low-profit type operations, who cannot easily just raise their prices. Obviously, I'm not talking major banks, here.

And of course, this is not good either because as businesses close or lay off employees...it all comes back to harm the general public, not the ruling aristocracy, who will continue to break the backs of the working class so as to continue their opulent lifestyles.

[fuhr52]

Just more of the same, raise tax on business, cost of doing business goes up and is passed on to consumers or profits are reduced to make ends meet. Lower profits means less money to invest in buiness growth. Government blames greedy business for wanting to make a profit. Main stream media picks it up and exploits it. Sheeple run with it. Government is played as the hero. Business lays off employees and cuts back to stay compettitive, and on and on and on........

[CathyInBlue]

The second my Discover card tries charging an annual fee, it's gone.

The second my Federal credit union tries charging for checking, it becomes pure savings.

The second they try to start taxing my savings, I opt straight back out of the financial industry altogether.

[JJFlash]

The second my Discover card tries charging an annual fee, it's gone.

The second my Federal credit union tries charging for checking, it becomes pure savings.

The second they try to start taxing my savings, I opt straight back out of the financial industry altogether.

Hey, Cathy, if your savings are in an interest-bearing account, you're already being taxed on the interest.

Right now, we're being taxed when we make it, taxed when we save it, taxed when we invest it, taxed when we spend it. Really, there's nothing left to tax; all they can do now is raise the rates.