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Obama Proposes Responsibility Tax

By
Mortgage and Lending with American Capital Corporation

In an effort to respond to the outrage over the record profits and bonuses being paid out to executives of financial institutions that received TARP bailout funds, President Obama has announced his support for a tax on the liabilities held by financial institutions that hold more than $50 billion of consolidated assets.

Under the new tax, banks would be required to pay a tax of about .15% of their covered liabilities per year for at least 10 years. Over the duration of the tax, an estimated $117 billion will be raised, which will go towards paying down the national deficit.

Terry Lynch
LAR Notary and Closing Services - Saint Clair Shores, MI

As much as I agree with the principle, I think this is changing the rules after the fact. They should have thought about this when they originally gave them the money.

Jan 18, 2010 06:27 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Christine....we all know what will result....that tax will be passed along to the consumer to pay in the form of higher fees, etc.....the banks will not be penalized.

Jan 18, 2010 06:42 AM
Randy Havel
Cedar Park, TX

They should have never given them the money! 

This would set a precedence for Government to creep into private company's at will...

And, oh by the way, who do you think they will pass this new tax onto? You and me Joe Consumer in the form of a new fee...

This is in No way directed at the OP...

Don't worry about how much someone makes! Don't worry yourself with a CEO that makes what you consider to be way too much!! It's America, and they have the right to make as much or as little as they want.  Stop dealing with them if you don't like it. Stop buying there product, or using there service.  You have that right!  But for freaks sake, keep government out of it!!! They only screw things up..

*climbs off soapbox

Jan 18, 2010 06:44 AM
Julia Odom
Select Realty Professionals - Chattanooga, TN
Chattanooga Homes for Sale

Don't worry about how much someone makes! Don't worry yourself with a CEO that makes what you consider to be way too much!! It's America, and they have the right to make as much or as little as they want.

I would completely agree with that sentiment if these were companies who hadn't lined up for a bail out from the government. 

Jan 18, 2010 07:21 AM
Jim Cheney
Saint Francis Property Santa Rosa, CA - Santa Rosa, CA
Rincon Valley Realtor 707.494.1055

Obama's going to chase down his money!  The banks are unreal.

Jan 18, 2010 03:45 PM
Christine Hynes
American Capital Corporation - Laguna Beach, CA
Orange County Senior Loan Consultant

I do agree that the costs will just be passed on to the consumer!  Aren't all costs?  The first thing we do is put our hard earned money into savings accounts or other vehicles, that in turn are then lent back to us, and then are bailed out by us, and then are taxed and paid by us!  What a cycle!  Is there anything else that is coming to us to pay for?

We do have choices as to what products to buy!

Jan 19, 2010 09:18 AM