Monday, February 8, 2010

Why Tax Banks?

Economics lesson 101 for all, particularly left-leaning politicians and bureaucrats.

Why a tax on fifty of the top U. S. banks? They all did not ask for government bailouts. Aid was foisted on them by so-called experts in a panic. If that is to be construed as a reason for tax imposition on those who received bailouts, why not also impose a levy on Fannie Mae and Freddy Mac for their past actions? They are truly children and wards of Uncle Sam.

That fact hasn’t entered the minds of left-leaning politicians and bureaucrats who target only private business, innocent or not.

Also, if banks are supposed to give urgent loans to desperate business in a recessionary economy, whey take their limited capital away? Each taxed dollar can produce up to seven dollars or more in desperately needed loans.

But then again, left-leaning politicians and bureaucrats are never required to learn basic economics.

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