TAX NEWS - 2010

Bank Tax: Let's not tax the banks?

Republicans are standing in the way of Fin Reg (financial reform). They don't want the government to tax the banks.

OK. Let's think about this from a common sense standpoint. Bankers took us to the brink of an economic collapse. These idiots needed massive amounts of taxpayer money to be rescued. And the vast majority took our money and continued to pay themselves egregious amounts of compensation. Republicans are saying "let's not punish the bankers". That makes common sense. Right? Hell no. There's not an entity in our country more deserving of higher income tax rates than bankers.

Then we're also looking at a situation where the Democrats trying to cobble together this bill are trying to live by Paygo (pay as we go) rules. If we pass new legislation that costs our government money, let's make sure it's paid for via new taxes, or spending cuts elsewhere. Paygo is a foreign language to Republicans. During the Bush years, Republicans only knew how to spend money. Yet, let's not tax the banks to pay for financial system reform? My god, if we can't put a tax on fatcat bankers who pay themselves ungodly amounts of money, what in the world are our Republican Politicians going to propose when it really comes time to get serious about cutting our deficits?

Oh, I got it. Let's cut taxes on everybody. It's the Republican mantra. Have a problem? Cut taxes. Need a cure for cancer? Cut taxes. Want world peace? Cut taxes. And you think our deficits are a Democratic spending problem?

You know something, I'm just totally pissed off at a Republican world where hedge fund managers making hundreds of millions in annual compensation only pay a 15% federal income tax rate, yet a married teacher and firefighter are paying 25,28,31% federal income taxes on their combined $100 K annual compensation, and we can't put a tax on egregiously paid bankers who almost destroyed our world? Welcome to Republican insanity.

Today's Republican Politicians in Washington DC are just plain clueless dolts.