Responsibility Tax 5

Okay, folks, don’t worry, you’re off the hook. The bailout money Obama spent won’t be coming out of your paycheck. I mean, I could’ve shelled out the $117 billion. Maybe you could too. But no, that’ll be left up to the biggest Wall Street banks.

Yeah, the government has decided to levy a “financial crisis responsibility fee” on the nation’s largest banks. They expect that this tax will bring in $9 billion a year for the next ten years. And it won’t stop till it’s made back every penny of those loans.

Not only that but the federal government claims it will actually turn a profit on these loans, to the tune of $19 billion. Sounds like a good investment coming from interest, dividends, and sales of stock warrants.

So where’s all this money going to go? Back to the national budget so we don’t run a deficit? Towards a government body charged with preventing future crisis? Straight to me to get gambled away in Vegas? Who knows!

This move comes 3 years earlier than is required by law. Legally, the president has till 2013 to impose a system for recouping the government’s loans. But apparently, Obama is ready to reign in executive bonuses and large dividends early.

Democratic lawmakers feel the new tax will receive support from Congress and pass easily. If so, this summer (the start date for the tax) will prove to be a testing ground for whether the government’s investments have paid off.

Only time will tell.

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5 thoughts on “Responsibility Tax

  • Kimberly F.

    Imposing the tax 3 years earlier than necessary will certainly give Obama and congress time to “tweak” it. Suffice to say…it should be interesting!

  • Prentiss K., Idaho

    Obama has said that we need to start addressing the budget soon so hopefully he will be able to keep that agenda and this money can go towards that.

  • Jeff E. Texas

    Obamatics, will eventually come out of the pockets of the samepeople it was thought to help. The banks will not carry the penality tax on their books. As usual, wheather the american people wanted it or not we will pay for the bail out of the rich and richer CEO’s and their businesses.
    Well if you aquire Freedon$oft this tax will not be a thorn in your side. We will be doing sooo many deals that it Won’t Matter!
    Don’t think about the little things like taxes, fees, what ever. Instead use your valuable time and energy to bust through the mind boggling hum drum of society. Make your money in realestate while everyone else is thinking what a bad economy we have and that no one can possibly succede in this perilous time. Rock On Freedom$oft!

  • Kaipo D

    Banks will just pass the cost on to the consumer. So sad but you are right the middle class will be hit the hardest.

  • sharie H, Arkansas

    You know with that 19 Billion let me think about that for a minute!! That sounds like a lot of downpayments or assistance $$$ for the americans that are losing their homes because they do not have funds to help them selves….I think they should restructure that in a way to best help this country and its people. What about the 40,000 china they use in the White House? The christmas decorations? etc??? And all the other millions we are not aware of that these politicians spend? That could certainly start assisting us with fixing foreclosure issues?
    Our Country is built on GREED..the American Dream……and that is exactly why this is happening…
    It is up to us to turn this market around and with Freedom$oft we UNITEDLY can…..thats my goal…
    “It’s not what your country can do for you..It’s what you can do for your country” John F. Kennedy
    Bless You Cory, thanks for keeping us abreast of all the latest news…