More Taxes

President Obama announced another new tax the other day on banks to get the taxpayers money back that was given to the banks in the bailout.  He forgot to mention that most of those banks have already repaid the money with interest and some of the banks that he is targeting didn’t even take any money from the government.

Now I’m no rocket scientist but something tells me that you and I will be paying this additional tax in the form of new fees.  Just like the new credit card legislation that went through recently to “help” consumers.  The credit card companies just implement new fees to make up the difference……like the $19 inactivity fee that I was just charged on one of my credit cards.

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"It's going to be more expensive for the consumers," Rep. Thaddeus McCotter, R-Mich., told Fox News. "You're going to see less credit. You're going to see higher unemployment as a result of the inability to get credit. Other than that, I think it's a fine idea."

The president is proposing a levy of 15 basis points, or 15 percent, on the liabilities of large financial institutions. The tax, which officials are calling a "financial crisis responsibility fee," would apply only to financial companies with assets of more than $50 billion. Those firms -- estimated to amount to about 50 institutions -- would have to pay the fee even though many did not accept any taxpayer assistance and most others already paid back the government lent to them.

Click here to read the entire story: Fox News