large bank tax (camp)

[wescobrk]

What does everyone think of republican congressman camp to tax banks with 500 billion in assets?

Obama has pushed for it for the last three years.

What does everyone think of the chances of it passing next year?

Jp,c,bac and wfc should  earn close to 100 billion at some point in a single year.

The probability will probably rise each year.

The government of course has indirectly already "taxed" morgan and bac in the tens of billions.

[ERICOPOLY]

What does everyone think of republican congressman camp to tax banks with 500 billion in assets?

Obama has pushed for it for the last three years.

What does everyone think of the chances of it passing next year?

Jp,c,bac and wfc should  earn close to 100 billion at some point in a single year.

The probability will probably rise each year.

The government of course has indirectly already "taxed" morgan and bac in the tens of billions.

 

Camp was also proposing a 25% corporate tax rate.

 

You see, banks are one of the few companies that actually pay higher than 25%.  So they don't want to lower tax rates on banks, because that would lower tax revenue.

 

So these politicians want to "lower" the tax rate without lowering revenues.  So they have to throw the banks under the bus, and nobody is going to stand up for the banks. 

 

So Republicans will be heroes for "lowering" the tax rate, even though they'll just be playing politics and not actually lowering tax revenues.  Overall it's expected to be revenue neutral -- so taxing the banks is part of that.