by Coby W. Dillard
(or, as it’s said by Democrats here in Virginia, “raising revenue”)
Today, President Obama called on Congress to tax the largest financial institutions to ensure that the entire “bailout”-also called TARP-is repaid to the government. The “financial crisis responsibility fee” would be levied on the banks that were the biggest recipients of the 2008 bailout.
What’s not said is that this “responsibility fee” will ultimately be the responsibility of us as taxpayers. Which, if you think about it, stiffs us twice. Once for borrowing the TARP money-adding to our national debt, which we’ll be paying-and again with this fee.
As anyone knows, businesses pass on t. he costs of doing business to their customers. A good example is the Sept. 11 fee that everyone who flies on a commercial airline pays, which the airlines then turn around and pay in a fee to the government for airline security. Another example are the various fees associated with having cell phone, cable, or internet service; these fees, again assessed by the government, are passed on to consumers (often in ways we don’t understand or notice).
These fees-taxes, in a sense-go to pay for government regulated items that we use daily. With the coming bank “responsibility” tax, though, we get the opportunity to pay for banks’ irresponsibility, as well as the irresponsibility of those who made the risky purchases that contributed to the financial collapse.
One of my reasons for participating in the tea party movement was because I didn’t want to answer to my children when all these various bills for our various borrowing come due. “Don’t tread on me” has become “don’t tread on them,” thinking I had already been bled dry.
Turns out I was wrong.