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View Diary: Explosive Bloomberg Editorial: Bank Profits are "almost entirely" Taxpayer Money (125 comments)

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  •  The latest on our gov't's stance on Tobin Tax... (6+ / 0-)
    US banks attack Europe's 'Tobin Tax'

    American businesses and banks have objected to the introduction of a eurozone financial transaction tax, claiming it would flout international treaties.

    By Rachel Cooper
    Telegraph (UK)
    9:38AM GMT 14 Feb 2013

    Ahead of the European Commission revealing a plan for an international tax on financial trades, dubbed the 'Tobin tax', a coalition of American business organisations have written to the EC attacking its proposals.

    Bodies including the US Chamber of Commerce and The Financial Services Forum wrote to the commission objecting to "the unilateral imposition of a global financial transaction tax", the Financial Times reported.

    "These novel and unilateral theories of tax jurisdiction are both unprecedented and inconsistent with existing norms of international tax law and long standing treaty commitments,” the groups argue in a letter to Algirdas Semeta, the EU tax commissioner.

    “There is a high risk that their adoption could lead to ¬double and multiple taxation, a deterioration of international tax co-operation and trade ¬protectionism...”

    Former Treas. Sec'y Geithner and current Treasury Secretary Jack Lew are on record as being vehemently against a Tobin (Wall St. transactions) Tax.

    "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

    by bobswern on Thu Feb 21, 2013 at 10:12:18 PM PST

    •  Over 5 years since the Recession commenced... (5+ / 0-)
      Recommended by:
      priceman, semiot, MKinTN, cslewis, emal December 2007..."Bank Profits are "almost entirely" Taxpayer Money," and it's better now than it was, what does that tell us about "bank profits" for the past 5 years? And, what does this say about the actions of Tim Geithner and Ben Bernanke during this time?

      And, what does this tell us about America's corporate "profits" for 2012, when SEVEN of the top 10 US co's in earnings growth for the past year  (many of whom are discussed in the blog in which you're now reading this comment), realized most of their "earnings" from taxpayer bailouts?

      "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

      by bobswern on Thu Feb 21, 2013 at 10:43:19 PM PST

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    •  Well ain't that sweet? (1+ / 0-)
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      As if we didn't know who they actually work for already.  We REALLY need to stop hiring people for Treasury who are already bought and owned (might I even say, POSSESSED?) by the banking industry.

    •  Where did the trade execute? (1+ / 0-)
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      That's the tax jurisdiction.

      I can understand that clouding the issue, any issue, helps the banksters stash more of our money in the Caymans, but the idea that a transaction tax would amount to double taxation is absurd.

      Atlas shrugged. Jesus wept.

      by trevzb on Fri Feb 22, 2013 at 10:02:32 AM PST

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