kaciara
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The chances of the U.S. following the U.K. in imposing punitive taxes on bank bonuses appear to be slim to none. “You’ll see politicians talk about it, but they won’t actually do it,” a senior investment banker told the Wall Street Journal today. Earlier this year, when the furor over Wall Street greed was at its height, Congress actually considered such a move but quickly backed away from it.
What nobody has explained is why the Obama Administration and Congress are so skittish about doing something that would be highly popular, and which also has sound economics behind it. As Clyde Prestowitz, president of the Washington-based Economic Strategy Institute and a former senior official at the Commerce Department, said to Bloomberg, a U.S. bonus tax is a “great idea” that is justified by the taxpayer-funded bailouts. “Goldman Sachs and the others may be making tons of money but they wouldn’t be making anything without the bailout, which saved them,” Prestowitz said. “There’s a lot of pain and agony out there because of their malfeasance.”
Here’s my two cents worth as to why it ain’t going to happen:
Read more: http://www.newyorker.com/online/blo...bama-wont-tax-bank-bonuses.html#ixzz0a2yFijNa
more...
http://www.newyorker.com/online/blogs/johncassidy/2009/12/why-obama-wont-tax-bank-bonuses.html
What nobody has explained is why the Obama Administration and Congress are so skittish about doing something that would be highly popular, and which also has sound economics behind it. As Clyde Prestowitz, president of the Washington-based Economic Strategy Institute and a former senior official at the Commerce Department, said to Bloomberg, a U.S. bonus tax is a “great idea” that is justified by the taxpayer-funded bailouts. “Goldman Sachs and the others may be making tons of money but they wouldn’t be making anything without the bailout, which saved them,” Prestowitz said. “There’s a lot of pain and agony out there because of their malfeasance.”
Here’s my two cents worth as to why it ain’t going to happen:
Read more: http://www.newyorker.com/online/blo...bama-wont-tax-bank-bonuses.html#ixzz0a2yFijNa
more...
http://www.newyorker.com/online/blogs/johncassidy/2009/12/why-obama-wont-tax-bank-bonuses.html
