This week the President spoke on his intentions to punish banks to recoup TARP funds and stop excessive bonuses. President Obama pleased the masses as he demonized bank executives in an effort to collect $90 billion over the next ten years.
Why is there a shortfall? Simple, from the GM, Chrysler, AIG deals that have yielded nothing in return as well as the banks that have folded without returning any government funds.
The first fact that Americans need to understand: companies are NOT taxed, only individuals because all corporate taxation is passed onto the consumer.
Translation: President Obama and Congressional Democrats are about to levy a $90 billion tax on our bank accounts and transactions.
FOX News reports:
Goldman Sachs borrowed approximately $10 Billion
Goldman Sachs paid back $11.1 Billion
Goldman Sachs has paid back 100% of loan plus interest.
Goldman Sachs will be subject to the Obama Bank Tax
General Motors borrowed approximately $85 Billion
General Motors has paid back only $3.5 Billion
General Motors still owes over $80 Billion
General Motors will NOT be subject to Obama’s Tax
Is Obama an enemy of bankers, banking or their practices?
Of course not. Robert Rubin, the famous banker from Citigroup sits at his right hand as an advisor. Countless individuals through the administration and the treasury are from Goldman Sachs and other banking entities.
This is classic "good cop - bad cop" tactics to tax Americans.
ATM fees, banking fees, transaction fees, overlimit fees, bounced check fees -- anywhere a bank can pass along their portion of this $90 billion is where it'll hit you.