Sen. Orrin Hatch says proposed tax on big banks is unfair

[sabra]

Source: deseret news

WASHINGTON — Sen. Orrin Hatch told Treasury Secretary Timothy Geithner on Tuesday that he thinks a proposed tax on big banks to pay for bailouts is unfair because some banks that did not cause problems are included, and auto makers who benefitted from bailouts would escape it.

"It isn't fair to everyone," Hatch, R-Utah, told Geithner in a Senate Finance Committee hearing.

That tax-writing committee has been considering an Obama administration proposal to assess a fee of 0.15 percent on the liabilities (other than deposits and certain required capital holdings) of financial institutions that have more than $50 billion in assets.

"Is it fair to apply this tax not only to companies that have repaid TARP (Troubled Asset Relief Program) with interest, but also to companies that did not take TARP money at all?" Hatch asked.

Geithner said, "We thought the fairest way to do this was to apply the fee to firms that contributed most to the crisis and who were eligible for these programs," and acknowledged it would include some that never took TARP money. "It's not going to seem fair to everyone, and there's no perfectly fair approach."

Read more: http://www.deseretnews.com/article/700029574/Sen-Orrin-Hatch-says-proposed-tax-on-big-banks-is-unfair.html

[liberal N proud]

1. That is what the big banks pay him to say

[GodlessBiker]

2. Oh, for christ sake. He's talking fairness with banks? Really? He's such an asshole.

[denverbill]

3. Oh, but a tax on me to pay for their bailouts is A-OK, huh? n/t

[Turbineguy]

4. Not enough jelly on the glove?

[global1]

5. Call His Bluff And Make Him Defend Making The Taxpayers Bail Them Out In The Future......nt

[SoapBox]

6. Well...Crooked is, as Crooked does!

...this from the weirdo that waved around "Valley of the Dolls" at the Clarence Thomas hearings.

Mr. Hatchy...go back to Utah and stay there.

[RandomThoughts]

7. How can he argue fairness for a system that does not have that as a component?

Such a tax is to put fairness into a system without it, not to be unfair to some bankers.


He is thinking in a vacuum. He removes the entire reality of the system, then makes an argument on a sub set of the system. He only sees part of the system, and just accepts that the rest is already fair, when fairness is not part of that system.

Add in the consolidation effects of that system, such an action becomes needed for fairness.



It would be like buying a few oranges, then having the shop keeper say that it is not fair because he does not look at the money given to him. And asking for all the oranges also.

[defendandprotect]

8. When are we going to start targeting rw fanatics like Hatch?

[socialist_n_TN]

9. Of course he does.................

Like fairness and banks should EVER be used in the same sentence.

[cstanleytech]

10. Funny, I recall thinking how unfair it is with all the fees the banks charge me so has Hatch been

opposed to those as well or is he just bleating about this new proposed tax because he is being ordered to do so by the banks?

[alfredo]

11. Orrin, yeah, it's only unfair when it affect the ruling class.

[Supersedeas]

12. When do the American people get bailout? We get the TARP after foreclosure!

But, we pay their taxes (they hide beneath Carribean tax shelters), we sacrifice our blood for their oil (they drive the luxury cars), and our votes are lost in Diebold recounts (while they maintain lobbiest that wear Gucci to guarantee their rights are super protected)!

FAIR!?!

[classysassy]

13. Campaign finance reform

is the only way to rid this country of vermin like Hatch and his fellow crooks in our congress,we need to take our country by removing greedy congresscritters.

[fascisthunter]

14. yes, lets all cry for the banks

[No Elephants]

15. Since when is the tax code perfectly fair to each and every taxpayer? It's a blunt instrument.

[Demeter]

16. Fairness Would Involve Liquidating Those Insolvent Vampire Zombie-Banks

I'm all in favor of fairness!

[Posteritatis]

17. What's bad enough for Hatch is good enough for me. (nt)