Democrats dump bank tax from financial reform bill

Comments (24)

We are still getting jerked around by the nose by Wall Street manipulations and so are our legislators. // Jean Clelland-Morin

Jun 29, 2010 2:22am EDT  --  Report as abuse

Reinstate the Glass Steagall act, repeal the mark-to-make-believe for banks and fully audit the Federal Reserve. Then all current laws are more than enough IF the CFTC/SEC/FDIC/etc actually enforced the law. It truly is that simple.

Jun 29, 2010 8:16am EDT  --  Report as abuse
wrote:

Senator Feingold can count on hearing from me. As self-declared maverick in the mold of Sen. William Proxmire, the current junior senator from Wisconsin owes homage to that previous chairman of the Banking Committee. The big bank excesses of the past ten years surpass anything the past awarder of “Golden Fleece” gibes could imagine.

Time to get our USA banking industry once again respectful of the small depositor and of the U.S. Senate.

Jun 29, 2010 8:45am EDT  --  Report as abuse
dumpobama wrote:

Feingold will fold will up like a lawn chair as soon as Harry and the gang provide him with enough goodies and favors. This could not have worked out better for him. Now that his vote is more critical than ever he’s in a much better bargaining position to sell his vote. Scott Brown (RINO-MA) is in the same position.

Jun 29, 2010 11:29am EDT  --  Report as abuse
foreigner wrote:

Blaim Europe and blaim China for the problems in the US. Well as a foreigner I can conclude that you have the most stupid goverment on earth. And a fact is that the whole world is getting more problems because of keep alive companies like GS, JP etc etc.

Jun 29, 2010 12:01pm EDT  --  Report as abuse

$19 BILLION OF NEW TAXES were slipped into the Fin Reg bill in the middle of the final-night of conference. How dare they? There’s been no reporting or transparency for exactly how those huge tax increases would work and that is unconstitutional in my view.

Tax increases were also added-on to the so called “tax extenders (jobs) bill” – including taxes on the investment community (carried interest) and the S-corp SE tax structure for small-business professionals all around the country. Those tax increases changed the balance of voting and led to the bill’s failure in cloture in the Senate. Rightfully so!

It seems that Democratic-leadership will slip in new taxes on banks, hedge funds, and the investment community at any juncture. Why didn’t they do it before the middle of the night? Now we need to worry about tax increases while we sleep?

You are all correct. Tax increases on banks and the investment community will fall on the middle-class, because businesses will try to pass on those added tax costs. Banks will also pay taxes from capital and from assets that could otherwise be used for lending.

Please send Fin Reg to the dust bin just like they did for the last tax increase – tax extenders bill.

Breaking news. Sen. Scott Brown (R-Mass.) formally announced his no vote on Fin Reg, along with Sen. Russ Feingold (D-Wis.) from yesterday for different reasons. Sen. Brown and Sen. Olympia Snowe (R-Maine) – who both voted yes on the last round – both took big objection to the last minute huge tax increases. Expect to see more no votes this coming week.

See my blog on Fin Reg and the Tax Extenders bill at Forbes http://blogs.forbes.com/greatspeculations/author/rgreen/ and also my own site at http://www.greencompany.com/blog/index.php

Press hard with Comments on media sites and contacting Congressman, we can win on this issue just like we won on the tax extenders bill.

Jun 29, 2010 12:21pm EDT  --  Report as abuse
jstaf wrote:

After three decades of plundering our country, stealing our retirements through high fee, no gain 401K’s that provided a windfall for the Wall Street Cabal.

If you want an out of the fish bowl look at the news try alrroya.com/editorials

Jun 29, 2010 1:34pm EDT  --  Report as abuse
billwagger wrote:

I, too, demand something for nothing! If government is going to prevent banks from destroying the economy, then government must do so absolutely free of charge. I am doubly outraged at the Democrats’ insistence that it is banks who should pay the bill for their oversight. What are they thinking?!

Jun 29, 2010 1:35pm EDT  --  Report as abuse

This is all much ado about nothing. Once these guys get done you’ll have a bill that is long on talk and volume (how many pages thick will this one be that none of the legislators will read) and short on any meaningful change. Keep you eye on the earmarks attached to it. That’s where we’re all likely to take it in the arse.

Jun 29, 2010 1:40pm EDT  --  Report as abuse
kevin2oh wrote:

The 2 biggest crooks in congress writing this bill – nothing bad can happen here.

Jun 29, 2010 1:43pm EDT  --  Report as abuse
WeNotMe wrote:

What exactly ARE the taxes in question???
If they are taxes on derivative trading, then I’m all for it!!

Jun 29, 2010 2:20pm EDT  --  Report as abuse
Heretic1 wrote:

So the Republican senators again defend big banking business at the expense of the absolute majority of Americans. No surprise here indeed.

Jun 29, 2010 2:56pm EDT  --  Report as abuse
caliguy55 wrote:

I can’t believe that people would object to a small tax on big banks. The conservatives in this country have gone nuts thinking the deficit can only be cut by reducing the spending side. We have got to increase the revenue side also, and the wealthy and big business have nothing to complain about. They’ve made money off the little guy for years. But, conservative sheep are so devoid of intelligence, and so in need of people like Rush Limbaugh to think for them, that they have all entered the realm of unreality.

Jun 29, 2010 3:04pm EDT  --  Report as abuse
jalwr wrote:

The Republican party has got to go – they are evil and holding the people of this land hostage to big business pursuits at our expense. We must end them now!

Jun 29, 2010 3:08pm EDT  --  Report as abuse
exasperated1 wrote:

foreigner,

Everything I have read points to the fact that the US is indirectly responsible for the rest of the world’s economy problems at the moment, mostly due to poor investment strategies. There is no blame on Europe OR China, it is just a mention of cause and effect.

If you are going to insult someone or something, use irrefutable logic instead of random outcry.

Jun 29, 2010 3:39pm EDT  --  Report as abuse
liberated wrote:

caliguy55: I agree completly. The banks and Republicans will win again. They make a good team,
on to destruction!

Jun 29, 2010 3:43pm EDT  --  Report as abuse
andrewhorning wrote:

Corporations are not business entities; they’re created by laws/politics. Corporate subsidies, powers and rights (like human rights since 1886’s Santa Clara County v Southern Pacific Railway) are also entirely politics. The fact that our money is printed by private bankers (many of whom are foreign-owned) is both unconstitutional, and purely political.
Don’t blame “big business” for what is inherently politics.
But then, don’t blame poltiicians either. Voters have chosen all this with a 98% reelection rate for about a hundred years.
You want different? Vote different. And I don’t mean switching from Hatfield to McCoy…

Jun 29, 2010 4:55pm EDT  --  Report as abuse
Jerboa wrote:

andrewhorning writes:
“Corporations are not business entities; they’re created by laws/politics. Corporate subsidies, powers and rights (like human rights since 1886’s Santa Clara County v Southern Pacific Railway) are also entirely politics. . . .
But then, don’t blame politicians either. Voters have chosen all this with a 98% reelection rate for about a hundred years.
You want different? Vote different. And I don’t mean switching from Hatfield to McCoy…”

OK, who are we to vote for? Teabagger simpletons? I think not. Flat tax rate panacea-istas? Nope. There are lots of bad ideas out there, and plenty of deluded or dishonest folk clamoring to get into power. When someone comes up with a REAL alternative, they have my vote.

Jun 29, 2010 5:23pm EDT  --  Report as abuse
robbo123 wrote:

everytime tries to tax the banks or wall street,people cry its wrong,these people got the u.s.a in the mess,one way or another.in 2015 the u.s.a will owe 19 trillion dollars,any thoughts where to get that from,and people are worried about europes small debt in comparason.

Jun 29, 2010 5:31pm EDT  --  Report as abuse
Jerboa wrote:

During WWII we taxed everyone, going and coming, and we won the war by outproducing everyone. The top tax bracket was over 90%, and there were additional windfall taxes levied on prosperous war industries. Today’s taxes seem very low by comparison.

Jun 29, 2010 5:56pm EDT  --  Report as abuse
STORYBURNcool wrote:

where’s the tax on Wall Street bonuses which will be at record levels in 2010?

Jun 29, 2010 6:33pm EDT  --  Report as abuse
pilgrimson wrote:

It is commendable that a legislator would actually READ the conference report before voting on it. Maybe there’s hope yet. With respect to the late Sen. Byrd: he would rather die than give up his office, and that’s exactly what he did.

Jun 29, 2010 6:52pm EDT  --  Report as abuse
pjscha2 wrote:

” they axed a $17.9 billion tax on large financial institutions that was added to cover the bill’s costs”…
” It also would raise the amount that banks must pay to insure their customer’s deposits.”
This is a hidden tax. The dirty libs are trying to deceive the american people.

Jun 29, 2010 8:33pm EDT  --  Report as abuse
gunste wrote:

We always knew that the financial industry runs the Congress. Their money can buy enough members to defeat anything they do not like.
We need Glass-Steagall reinstated and strict rules on banks behavior.

Jun 29, 2010 9:04pm EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.