You Want to Go After the Banks? Get a Stick

According to the Obama Administration, banks are evil (that’s actually Presidential if we were living in the Andrew Jackson Administration). And they’re ungrateful for all the taxpayer money they got. And now they’re making lots of money and paying themselves big bonuses, and that’s obscene. All this means they need to be taxed!

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... [I]t isn’t going to happen. Congress is not going to pass a bank tax. And I’m not even sure the Administration is serious about a bank tax. This stuff is just pablum for the people. President Obama stands up there with his economic team, all looking so tough and stuff: “Yeah, you got it; we’re gonna screw the banks for you; we’re gonna tax the heck out of them; but it’s not about punishment; it’s about being fair to the folks.”

Give me a break. Talk is cheap. And what’s wrong with punishment? Taking a real stick to these arrogant bankers who have learned nothing from their near-death experience would take some real guts. And you would do it without going to Congress for a tax; you would do it by regulating the hell out of them...

View TaxAnalysts' Chris Bergin's opinion in its entirety on TAX.com.