{"id":5919,"date":"2010-06-26T20:47:15","date_gmt":"2010-06-27T00:47:15","guid":{"rendered":"http:\/\/cfif.org\/v\/freedom_line_blog\/?p=5919"},"modified":"2010-06-26T20:47:15","modified_gmt":"2010-06-27T00:47:15","slug":"obama-bank-tax-spreads-the-pain-around","status":"publish","type":"post","link":"https:\/\/cfif.org\/v\/freedom_line_blog\/5919\/obama-bank-tax-spreads-the-pain-around\/","title":{"rendered":"Obama Bank Tax Spreads the Pain Around"},"content":{"rendered":"<p>If you ever nursed the idea that taxation isn\u2019t a form of punishment, President Barack Obama is here to disabuse you.\u00a0 A day after Congress passed massive new regulations on the financial industry, the president today called for passage of a <a href=\"http:\/\/www.reuters.com\/article\/idUSTRE65P0VP20100626\" target=\"_blank\">10 year, $90 billion tax on banks and hedge funds<\/a> to pay for the 2008 financial bailout.\u00a0 To quote the president:<\/p>\n<blockquote><p>&#8220;We need to impose a fee on the banks that were the biggest beneficiaries of taxpayer assistance at the height of our financial crisis &#8212; so we can recover every dime of taxpayer money,&#8221; Obama said in his weekly radio and Internet address.<\/p><\/blockquote>\n<p>And yet the tax\/fee\/legalized theft won\u2019t be levied on just \u201cthe biggest beneficiaries.\u201d\u00a0 It will hit <em>every<\/em> bank with assets over $50 billion and hedge funds with more than $10 billion.\u00a0 That means even the financial institutions that have already repaid their bailout debts will be hit with the 0.15% increase in the cost of doing business.<\/p>\n<p>But remember: businesses don\u2019t pay taxes (or fees) \u2013 people do.\u00a0 Keep that in mind when your monthly service fees jump through the roof.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you ever nursed the idea that taxation isn\u2019t a form of punishment, President Barack Obama is here to disabuse you.\u00a0 A day after Congress passed massive new regulations on the financial industry, the president today called for passage of a 10 year, $90 billion tax on banks and hedge funds to pay for the [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1132,1488,143,1483,1487,1486],"class_list":["post-5919","post","type-post","status-publish","format-standard","hentry","category-posts","tag-bailout","tag-bank","tag-barack-obama","tag-financial-regulatory-reform","tag-hedge-fund","tag-taxation"],"_links":{"self":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/5919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/comments?post=5919"}],"version-history":[{"count":5,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/5919\/revisions"}],"predecessor-version":[{"id":5924,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/5919\/revisions\/5924"}],"wp:attachment":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/media?parent=5919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/categories?post=5919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/tags?post=5919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}