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