Tags: bill | spetrino | obama | bank | tarp | taxes

Being President Is Taxing but There's No Excuse for This

Monday, 28 Jun 2010 12:25 PM

By Bill Spetrino

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Perhaps the strain of being president is starting to affect Barack Obama. Maybe I can help.

Obama suggested a $90 billion, 10-year tax on banks in his radio address this weekend.

Since he has been in office, Obama has decided to raise businesses healthcare costs and has showed his disdain for Wall Street fat cats on numerous occasions.

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Everyone has the right to their opinion and the president is entitled to his.

However, he isn’t entitled to change the facts.

In his weekly address about justifying his proposed bank tax, he said: “We need to impose a fee on the banks that were the biggest beneficiaries of taxpayer assistance at the height of our financial crisis — so we can recover every dime of taxpayer money."

Now, Mr .President: I didn’t go to Harvard law school or become a community organizer. But let’s look at a couple of facts.

• All the banks have paid off their TARP money and it is estimated the taxpayer will make about $50 billion profit on the bailout of Citigroup alone.

• In fact, bailing out Citigroup was one of the most profitable events in the history of Congress.

I agree that a tax should be imposed on those institutions that didn’t pay their TARP money as the president suggests.

But Fannie Mae, Freddie Mac, AIG and General Motors should have a tax put on each one of their products: Every Fannie or Freddie loan, every GM car and all of AIG’s insurance policies.

Like the president says, we need to recover every dime of taxpayer money from those companies which were the biggest deadbeats and were unable, or were unwilling, to pay back the hard working taxpayer.

However, Mr. President, please answer a few questions for me.

• Why suggest a bank tax only? The four companies listed above aren’t banks. What about non-banking companies which have the nerve to use unclear accounting tactics, or just flat out fail, to repay taxpayers?

• Did you somehow forget that the four companies listed above are such offenders — not the banks which paid back their loans with interest and warrants resulting in huge profits for the government?

Perhaps Obama has been reading another intellectual, Albert Einstein, who said “if the facts don't fit the theory, change the facts.”

How to Collect $1,196 a Week. Tax FREE!

About the Author: Bill Spetrino
Bill Spetrino is a member of the Moneynews Financial Brain Trust. Click Here to read more of his articles. He is also the editor of the Dividend Machine. Discover more by Clicking Here Now.

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