Taxing The Banks

Noted from a piece by Darleen Chick, here: In a speech allegedly in support of Coakley, O'Bama thundered that while most of the money he loaned to the banks has been paid back, he wants to be sure to get ALL of our money from them. To that end he is proposing a tax on the largest banks, several of which were not involved in the bailouts, in order to get our money back from the ones that were.

Anyone care to bet as to weather we will actually see any of that money? Didn't think so.

A bank tax is no different from any other corporate tax in that it is not paid by the corporation, but by the corporations clients. I put my money in a bank because the bank pays me to let them use it. If O'Bama puts a new tax on banks, that will leave less money for the bank to pay me for the use of my money, which I've already paid taxes on, effectively double taxing my income.

There will also be less money available to be loaned to "the rich". You know, those people whose names appear on the bottom of your paycheck?

Wake up people! It's not a tax on banks, it's a tax on YOU!

An observation from the comments to the above article:

Speaking of owing us and getting are money back, how’s it going getting it back form GM? Any chance you recovered money you loaned General Motors?

Maybe he's planning a special excise tax on Ford, Honda, and Toyota to cover this.