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White House Wish List: Minimum Global Tax & Financial Crisis Responsibility Fee

CrownThomas's picture




 

We take a quick look at Obama's 2013 budget here, but there are a few other items to leave you with this evening.

First, White House National Economic Council Director Gene Sperling formally announced today that the White House believes "we need a Global Minimum Tax, so that people have the assurance that nobody is escaping doing their fair share as part of a race to the bottom." Just a few questions from the few who are actually paying attention: imposed by whom? collected by whom? And how will the funds be used? ... nevermind the details, these aren't the droids you're looking for.  

 

 

 

This is excellent news, as this is precisely what the United Nations would like to see. Not to worry, we're sure to hold on to our sovereignty as these initiatives unfold... 

 

Also worth noting, looking through some of the detail in the proposal, Obama is calling for a $61 Billion dollar "Financial Crisis Responsibility Fee" to be paid by the banks who received TARP money (regardless if they've paid the funds back or not). This is a pretty creative way to raise revenue - we look forward to seeing the banks begin to reserve for this fee, should be any day now. 

 

Also, will GM will get a piece of that action? Surely they "benefited enormously from the extraordinary actions"

 

 

More later.

 

 

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Tue, 02/14/2012 - 12:11 | 2157567 gwar5
gwar5's picture

A global tax authority is a global government and is global repression of self-determination. It turns the planet into a strip-mining farm for the banks. Resist we much!!

 

Tue, 02/14/2012 - 12:06 | 2157524 Shizzmoney
Shizzmoney's picture

Great gems from the clip below:

http://www.youtube.com/watch?feature=player_embedded&v=QFg0DzT9tNI

"I mean, we got America's best and brightest....Harvard, Princeton, Yale...and they can't figure out shit!  Ya'll could of went to Norfolk State and figured out these same problems AND saved yourself some dough!".

"Stop being a dickhead and balance the fuckin' budget!"

Brother speaks the truth!

Tue, 02/14/2012 - 11:34 | 2157390 Haddock
Haddock's picture

Will it be a minimum tax on labour, or capital?

Tue, 02/14/2012 - 10:05 | 2157081 Watauga
Watauga's picture

When was the last time you read the Declaration of Independence?

Tue, 02/14/2012 - 07:57 | 2156809 nmewn
nmewn's picture

"President Barack Obama called for $1.4 trillion in fresh revenue from Americans at the top of the income scale, proposing higher taxes on wages and investments and limiting breaks for retirement savings and health insurance."

http://www.bloomberg.com/news/2012-02-13/obama-s-budget-plan-proposes-doubling-dividend-tax-in-focus-on-the-wealthy.html

Higher taxes on wages.

And "limiting breaks"...for the layman is...before tax treatment on your 401k & health insurance you & your company provide for yourself as a wage earner.

Meaning...you will bring home less.

Nice to know what his definition of "rich" is again...its two fiddy a couple, probably gross...lol.

Tue, 02/14/2012 - 07:35 | 2156794 Moe Howard
Moe Howard's picture

They don't really care what you call the global tax or what you claim it's for, they just want it. Global warming, global cooling, global guilt complex, whatever. Just hand over the cash and learn to live on the bottom with the rest of the plebes.

Tue, 02/14/2012 - 07:25 | 2156785 egoist
egoist's picture

If you have $s, they will surely come to relieve you of them. As for the banks, the lockdown on that liquid is probably the only thing keeping inflationary effects as "low" as they currently are. me thinks

(search "vote him out while you can" on ebay)

Tue, 02/14/2012 - 04:01 | 2156693 Hobbleknee
Hobbleknee's picture

This is the backup plan in case the sheeple don't fall for the world CO2 tax, but if we fall for both, it's just bonus.

Tue, 02/14/2012 - 01:19 | 2156492 Eireann go Brach
Eireann go Brach's picture

Hope a dope!

Tue, 02/14/2012 - 01:49 | 2156539 non_anon
non_anon's picture

nah, dope is my hope

Tue, 02/14/2012 - 02:52 | 2156621 non_anon
non_anon's picture

yahoo!

Tue, 02/14/2012 - 01:14 | 2156485 BlackholeDivestment
BlackholeDivestment's picture

...imagine that, Rosemary's Baby wants a global tax. What's next, they will sacrifice the Constitution to the U.N. Court and Rosemary's Baby will be the Nobel Prize winner, U.N. Security Chairman and Lawless one? LOL 

Let's see ...2012 + 4 = Iran WMD event

                                 Mark of the beast

                                 peace among all nations and Israel

                                 ...and World War Three Armageddon. 

Well that's what happens when people sacrifice mercy and cast their vote for their own image.  http://www.tmz.com/2012/02/11/barack-obama-samuel-l-jackson/?adid=hero2#.TznsVbE1-a3 

Hail to the thief. http://www.biblegateway.com/passage/?search=Revelation+8%3A7&version=KJV

 

Tue, 02/14/2012 - 01:04 | 2156470 Money 4 Nothing
Money 4 Nothing's picture

Socialism at it's finest! Were not Greece, were Europe!

My G-pop said to me years ago, the only bad thing about Socialism, is eventually you run out of other peoples money.

Tue, 02/14/2012 - 05:26 | 2156737 falak pema
falak pema's picture

Here its the 25T robbed by the Oligarchs from the people when they "socialised" the private debt and thus "privatised" the profit by cleaning out their own balance sheets. This is fact not fiction, the result of 2008 private sector meltdown in first world. A first world that swore by REaganism and was run by the private sector like NEvER before. Remember???

If you think taxing the robber barons of this rip-off is "socialism" you need to wash your mouth and get a new brain. You prefer being in a corporate welfare state that benefits the 1% to the detriment of the 99%. Its your choice. But don't be surprised if the 99% think otherwise, especially once they've realised the size and the mecanism of the scam thats been rammed down their throats. 

You vocabulary is as jaundiced as your logic; the founding fathers built a nation that was a republic governed by democracy; of, for and by the people, the 99%. Not the 1%, they were the George III crowd. 

Memory lane is sometimes worth visiting. Better than getting voluntarily "alzheimered" in revisionist semantics. 

Tue, 02/14/2012 - 00:55 | 2156459 OldPhart
OldPhart's picture

Not that I'm sympathetic to the banks, but weren't there quite a few smaller, well managed, banks that were forced to take TARP funds to prevent public perception of recipiants as banks to avoid?

They've got to be pretty pissed about this idea.

Tue, 02/14/2012 - 07:25 | 2156781 Widowmaker
Widowmaker's picture

Wheres the $787 billion stability fund?

The difference is all bonuses, paid to the fraud-men first.

What a fucking joke this $68 billion nonsense is.

"no one saw it coming, but accidentally made record fortunes..."

Keep the change, i want heads on stakes.

Tue, 02/14/2012 - 00:10 | 2156395 Dermasolarapate...
Dermasolarapaterraphatrima's picture

Barry also said,"the bonuses are outrageous" right before he and Turbo Timmy handed bankers the largest bonuses in history for three years straight due to TARP bailouts and an open Fed window....as food stamp usage soared to the record levels the same time.

A global tax forat...more Bailout Bonuses?

 

Tue, 02/14/2012 - 00:24 | 2156411 non_anon
non_anon's picture

ah, your post reminded me of the "Queen of Mean" Leona Helmsley, taxes are for the "little people", she spoke the truth how the elite look at us plebs.

 

I said: "You must pay a lot of taxes". She said: "We don't pay taxes. Only the little people pay taxes."[11]
–Elizabeth Baum, former housekeeper to Helmsley (October 1983)

http://en.wikipedia.org/wiki/Leona_Helmsley

Mon, 02/13/2012 - 23:50 | 2156371 non_anon
non_anon's picture

WTF?! aren't the taxpayers taxed enough, what universe do these wonks live in?

Tue, 02/14/2012 - 00:40 | 2156441 IQ 101
IQ 101's picture

This universe?

OWS A-Holes are all Acorn, http://www.foxnews.com/us/2012/02/13/acorn-linked-group-raising-funds-for-occupy-protests-in-california/

Barry is their king, Romney their Prince and Prince is their Barry Manilow.

Tue, 02/14/2012 - 01:55 | 2156559 RockyRacoon
RockyRacoon's picture

Tasty kool-aid there, ain't it?

Tue, 02/14/2012 - 01:44 | 2156529 Baleful Runes 4 U
Baleful Runes 4 U's picture

Ah, another tv-programmed tard. How unique.

Do explain why it was priority #1 for DHS, local police, and Democratic politicians to coordinate in order to suppress OWS (including use of agent provocateurs)?

 

 

Tue, 02/14/2012 - 01:08 | 2156476 john39
john39's picture

Fox news? Really? Then it must be so. /s

Tue, 02/14/2012 - 01:57 | 2156562 Baleful Runes 4 U
Baleful Runes 4 U's picture

Some idiots on this site linked to a fox new story that acorn (according to "sources") was paying homeless people to attend Zucotti park to bolster numbers.

Actually it was the NYPD directing them there. They were often schizo , drunk, etc, and disruptive to the whole thing.

See how propaganda works?

Tue, 02/14/2012 - 04:10 | 2156703 non_anon
non_anon's picture

i love you all, happy valentines day!

Mon, 02/13/2012 - 23:42 | 2156355 nmewn
nmewn's picture

And according to Jack Lew it takes 60 Senate votes to pass it.

“But we also need to be honest. You can’t pass a budget in the Senate of the United States without 60 votes and you can’t get 60 votes without bipartisan support. So unless Republicans are willing to work with Democrats in the Senate, Harry Reid is not going to be able to get a budget passed. And I think he was reflecting the reality of that that could be a challenge.”

 

Newly-named White House Chief of Staff Jack Lew was not only recently budget director for President Obama; he was also the budget director for former President Bill Clinton. So when he speaks about the budget process, you would think he speaks with authority."

And he works for "constitutional law professor" O'Barry.

Puleeze.

http://www.washingtonpost.com/blogs/fact-checker/post/jack-lews-misleading-claim-about-the-senates-failure-to-pass-a-budget-resolution/2012/02/12/gIQAs11z8Q_blog.html

Cmon Harry...bring it to the floor you puss ;-)

Tue, 02/14/2012 - 08:13 | 2156827 Benjamin Glutton
Benjamin Glutton's picture

To trigger the reconciliation process, Congress passes a concurrent resolution on the budget instructing one or more committees to report changes in law affecting the budget by a certain date. If the budget instructs more than one committee, then those committees send their recommendations to the Budget Committee of their House, and the Budget Committee packages the recommendations into a single omnibus bill. In the Senate, the reconciliation bill then gets only 20 hours of debate and amendments are limited. Only one reconciliation bill can be passed in any given year.[9]

[edit] Byrd Rule Further information: Sunset provision: The Budget Act and the Byrd Rule

Reconciliation generally involves legislation that changes the budget deficit (or conceivably, the surplus). The "Byrd Rule" (2 U.S.C. § 644, named after Democratic Senator Robert Byrd) was adopted in 1985 and amended in 1990 to outline which provisions reconciliation can and cannot be used for. The Byrd Rule defines a provision to be "extraneous" (and therefore ineligible for reconciliation) in six cases:

  1. if it does not produce a change in outlays or revenues;
  2. if it produces an outlay increase or revenue decrease when the instructed committee is not in compliance with its instructions;
  3. if it is outside the jurisdiction of the committee that submitted the title or provision for inclusion in the reconciliation measure;
  4. if it produces a change in outlays or revenues which is merely incidental to the non-budgetary components of the provision;
  5. if it would increase the deficit for a fiscal year beyond those covered by the reconciliation measure; and
  6. if it recommends changes in Social Security.

Any senator may raise a procedural objection to a provision believed to be extraneous, which will then be ruled on by the Presiding Officer, customarily on the advice of the Senate Parliamentarian. A vote of 60 senators is required to overturn the ruling. The Presiding Officer need not necessarily follow the advice of the Parliamentarian, and the Parliamentarian can be replaced by the Senate Majority Leader.[10], but this has not been done since 1975.[11] Trent Lott, who was Senate Majority Leader at the time, fired the Senate parliamentarian in 2001 because of unfavorable rulings regarding the use of reconciliation to pass the Bush tax cuts.

Mon, 02/13/2012 - 23:37 | 2156343 monopoly
monopoly's picture

I would like to be paid back by all the broken banks. With all of those responsible for destroying our way of life in a maximum security prison with all their assets confiscated and given to the people who really need it.

Tue, 02/14/2012 - 07:21 | 2156783 Widowmaker
Widowmaker's picture

You are an enemy combatant, admit it.

Patriots dont complain, they lie to your face, commit your kids to death sentences in the desert, and take everything that is yours through your corrupt govt while blaming you.

Mon, 02/13/2012 - 22:53 | 2156251 max2205
max2205's picture

Oh yeah

Lower corp taxes at the same time. As if they paid anything on cooked books anyway

Mon, 02/13/2012 - 22:51 | 2156248 max2205
max2205's picture

...../0\.......
YYYYYYY

Mon, 02/13/2012 - 22:24 | 2156184 williambanzai7
williambanzai7's picture

They are salivating over APPL's offshre cash hoard. The whole theory bhind double taxation and internatonal tax jurisdiction needs to be revisited in view of globalization. But that would be too challenging of an undertaking. So globalized corporations will contune to live in the taxless ether.

As for the banks, the repayment of TARP, they should just break them up and forget about a TBTF tax.

As for GM, they should ask the Chinese to bail it out next time.

Tue, 02/14/2012 - 08:09 | 2156824 Ghordius
Ghordius's picture

"The whole theory behind double taxation and internatonal tax jurisdiction needs to be revisited in view of globalization."

WB7, it is being revisited, for example by the Wegelin Bank case, by further planned financial controls on US citizens, etc. etc. But yes, this is the personal level, you are talking about the corporate level.

There are two kind of corporations: those who profit from the imperial setup, and those who don't. Since those who profit have the firepower of endless legions of lawyers, lobbyists and politicians, I'd say it will keep at the level of asking an extra fee of quite ridiculous small size from time to time - so I think the APPL offshore cash hoard will keep being safe. eh, only my two cents...

Tue, 02/14/2012 - 00:19 | 2156413 old naughty
old naughty's picture

Even banks in HK start feeing your debit cards, yeeek.

Mon, 02/13/2012 - 23:47 | 2156361 LetThemEatRand
LetThemEatRand's picture

"So globalized corporations will continue to live in the taxless ether."

It helps that the global corporations own and operate most of the world's governments and all main stream media.  Meanwhile, the little people debate which social programs need to be cut and whether to eliminate the minimum wage and eliminate what is left of the unions so we can "compete" with the Chinese and others and earn money to pay back our debts that are largely the result of bank bailouts and endless give aways to the military industrial complex -- not coincidentally the same global corporations that own and operate most of the worlds' governments..... 

Mon, 02/13/2012 - 22:18 | 2156182 Coldfire
Coldfire's picture

Hail to the Thief.

Tue, 02/14/2012 - 06:30 | 2156759 Al Gorerhythm
Al Gorerhythm's picture

Isn't the $US a tax on the world already? You should have finished that with a collective plural.

Tue, 02/14/2012 - 05:18 | 2156736 jeff montanye
jeff montanye's picture

it's too much to ask the executive to enforce the law on the greatest and most dangerous control fraud in the history of the world.  how much money would that have collected and how much good done?

no.  they make it up as they go along.  why a government of (particularly evil and incompetent) men is so much worse than one of laws.

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