Banks Get to Pay for Government Expansion

The healthcare reform bill may be dead but there is still a need to understand why government expansionism is bad for business and for taxpayers.

The elephant in the room on the healthcare plan was how the heck was the government going to pay for it?

And not just healthcare reform’s costs, but the debt we are already in for Social Security, Medicare and Medicaid.

Taxing just the top 2% of earners (greater than $250,000 income) in this country to pay for millions of Americans to get free medical care is just not going to cut it.  Nobody needs a degree in calculus to know that math just won’t work.

In addition to the “tax-now-benefits-later” game I mentioned in a previous post, a tax on suntan salons, and the myriad other taxes they’ve built into the bill…the government is scrambling to find new things to tax.

Today’s new tax is called the “Bailout Tax” and will affect mostly the 10 largest financial institutions. The fee (they like to call taxes “fees” so we don’t know it’s a tax) will be in place for 10 years and raise about $90 billion.

The government is taking advantage of the American people not being happy with the banks or their bonuses to create this tax. As upset with the banks as we may be, this “fee” is just a tax the government needed to help pay for their expansion through such things as the healthcare reform bill.

Another problem with taxes is that the banks won’t pay for them, we will.  Why would a bank take a hit like that when they can just past those additional costs onto us through fees, higher interest rates or more restrictive lending standards.  Rest assured, the banks will still be open for business, still make their profit goals, still be handing out bonuses and we will get to pay their new tax.



Categories: Government Failures, Healthcare Reform

Tags: , , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Our Town Tustin

Blogging political discourse in Tustin, CA

Watchdogs of Our Freedom

WOOF! Counter-revolutionary commentary for our times.

The Grey Enigma

Help is not coming. Neither is permisson. - https://twitter.com/Grey_Enigma

Atridim News Journal

Captain Rick reports quality news of local and global importance

Desert Musings

A REALISTIC look at the world through the eyes of a sane person

Watching A Wreck

America Has Jumped the Track

99% Boston

"we shall be as a city upon a hill"

zalainacarp's Blog

A fine WordPress.com site

GIOSON.75

ÂM NHẠC LÀ SỨC SỐNG CỦA MỌI TÂM HỒN

Shop Mỹ Phẩm - Nước Hoa

Số 7, Lê Văn Thịnh,Bình Trưng Đông,Quận 2,HCM,Việt Nam.

Yes or No on Measure K?

An objective exercise in seeking the facts.

Utopia - you are standing in it!

Celebrating the flourishing of humanity through the spread of capitalism and the rule of law

Notes On Liberty

Spontaneous thoughts on a humble creed

Arlin Report

COMMENTATOR FOR ALL.......SENIOR CITIZENS INFO

Lynette Noni

Embrace The Wonder

Professional Troublemaker

 Jonathan Corbett, Civil Rights Advocate

Dan from Squirrel Hill's Blog

Just another WordPress.com weblog

A Time For Choosing

Just another WordPress.com weblog

the muttering retreat

"I went out walking.....with a bible and a gun" - Johnny Cash

%d bloggers like this: