Free Markets, Free People


Naive? Dumb? Or Just Doesn’t Understand How Taxes Work?

Jake Tapper, today, asking Presidential spokesperson Robert Gibbs about the bank tax:

TAPPER: On the fee for banks, without asking for any details, how can you guarantee that this, that this fee, tax, levy, whatever it ends up being, is not passed on to consumers and they take another hit when it comes to Wall Street?

GIBBS: Yeah, well, look, obviously, Jake we’ll have a chance to go through the structure of this. The economic team has worked for quite some time on a structure that will ensure that what taxpayers gave to banks to ensure their safety and security, in a time of crisis, is paid back in full. And I can assure you that is one of the things the economic team has taken into account in the structure.

Unless the “structure” plans to ensure bank fees aren’t raised in any other area to capture the money this “fee, tax, levy, whatever” from the banks, then of course banks are going to pass it on. If the “structure” is going to prevent such a raise in fees anywhere within the bank, then this isn’t a new tax, it’s a government takeover of the banks.

~McQ

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6 Responses to Naive? Dumb? Or Just Doesn’t Understand How Taxes Work?

  • You forgot “Deceptive” in the headline.

  • Which is worse:

    That the dems are dumb enough to believe what Gibbs said, or that the rest of us are?

  • I mean business wont pass on to consumers the cost of  new taxes that the govt will make them pay so why would banks pass on new fees to customers.

    I mean and we can all keep our health care providers and our taxes wont go up if we make less than 250k per year. 

    Gitmo will be closed in a year as well and terrorists will like  us because Obama is president.

    Oh yeah and global warming is real.

  • If banks can’t raise fees to account for the new taxes, they’ll just lay off workers.  Just like magic:  no consumer has his fees raised.  So sorry that there will be more unemployed, but who’s going to notice that in this economy?

  • Plus Obama states “we want our money back”  and like a typical liberal goes to people (and banks) that never took any tarp money or has paid it back with interest if they did and expects them to pay.

    If you take 3 people and loan money to person A  and they pay it back, loan it to person B and they dont pay it back and dont loan any to person C then how reasonable is it to expect person A , B and C then to contribute to get you your money back.   In the liberal mind this is perfectly acceptable as long as they can get the money to spend on their constituencies.

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