Perusing (I tend to do that alot, don't I?) the web today while not working, I found this bit of interesting news.
Now, I am not going to say that the Liberal and Socialists members of our People's Congress LIE or anything, but it sure does read that way.... Remember when Pres Obama said that he has lowered taxes more on the American people than even the former Pres George W Bush? And remember when he said that he would not raise one dime of taxes on people making less than $250,000 $200,000 $175,000 $100,000 $10,000?
Yeah, well, that was a LIE, a mistakenly spoken nonreal putative term.
A new tax on large banks is picking up support in Congress as Democratic lawmakers target financial institutions that benefited from the Wall Street bailout to help pay for the Democrats' election-year agenda.
One key lawmaker, Sen. Chuck Schumer, D-N.Y., said Tuesday he wants to include the bank tax in a bill stiffening financial regulations that could come up for a vote in the Senate soon.
President Barack Obama has proposed a tax on bank liabilities that would raise an estimated $90 billion over the next decade.
Yes, cause as we all know, taxing companies really hurts the company itself. This non-living amorphous conglomerate of evil existing only to suck off the tender morrow of the small meager people. It is these companies that must be made to suffer.
Yeah. NOT! As we all know, companies do not earn profits nor dictate operational guidelines. Nor do companies determine who is hired or fired. Taxing a company is pointless, feckless and at most IDIOTIC.
Companies do not pay taxes. Customers and Shareholders pay taxes.
Ok, so what is the point of this new tax on everyone?
Democrats say the tax is justified to recoup billions spent bailing out Wall Street.
Really!?!? They are going to impose a tax on almost all banks and claim it is to recover TARP bailout funds? Wait! What? I thought TARP was actually going to make us money because these companies were going to pay us back with interest? Remember all the talk of how we could even see their deficit reduced from all the repayed interest? Yeah, guess what?
"I think the administration proposal is a common-sense way to make sure the taxpayers are repaid," Schumer said Tuesday at a Senate Finance Committee hearing on the bank tax.
Democrats are looking for money to pay for several measures, and some see the financial industry as a politically viable target to raise revenue.
Really? So, the monies won't go to pay back the TARP funds after all then? In one sentence they say the new taxes will go to TARP and the next sentence it will pay for other pork projects. Now isn't that interesting?
Do we really want our elected officials who gain alot of power once in office to find targets to attack through taxation and penalties?
What else will this money go to if not TARP repayment?
Democrats want revenue to pay for a one-year extension of a series of popular tax cuts that expired at the end of 2009, as well as several measures designed to create jobs.
The House and Senate have both passed bills that would extend about $26 billion in tax cuts that expired at the end of 2009, though the chambers have been unable to agree on how to finance them. The tax breaks include a property tax deduction for people who don't itemize, lucrative credits that help businesses finance research and development and a sales tax deduction that mainly helps people in the nine states without income taxes.
Again? Again with the paying for tax cuts? Tax cuts are not meant to "be paid for". The whole point of a tax cut is to give confiscated tax dollars back to the people. It is to remove it from the hands of Congress. Tax cuts are not a way to BORROW money from congress that must be paid back within a certain period of time!
But then too, they don't want to restore the "Bush tax cuts" that cut individual taxes. No, they want to raise taxes in order to spread the wealth to deserving things they choose. For example, they want a national tax in order to give money to people living in states that don't have to pay income taxes. Say what? Help them!?!? How about giving back the people's money in the states that DO pay the income tax?!?
But, then there are some that just don't know how to play the game right (according to the statists in the People's Congress):
The banking industry argues the new tax would reduce lending and increase fees for consumers, just as the economy is starting to pick up.
"It's certainly easy to demagogue the financial services industry right now," Scott Talbott, senior vice president of government affairs for the Financial Services Roundtable, said in an interview.
Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committees, is planning several hearings to promote the tax. Rep. Sander Levin, D-Mich., chairman of the tax-writing house Ways and Means Committee, said he is working on the issue as well, though he wouldn't commit to endorsing the tax.
Schumer's support for the tax is key because many of the affected firms are based in New York.
Once again, we see the Socialists in charge of our tender government seeking who they can vilify, target and punish through increased taxation, oppressive laws and job-killing fees. They have no problem with the idea of ruining america to the point of failure. Their dream will live on.
Unfortunately, the rest of us here in reality-land will suffer till the end.