Among Obama’s Business Tax Hikes, Biggest Is Bank Tax That Is Now Opposed by Small Banks
February 25, 2010
Annette Nellen has posted a convenient tally of business tax changes from the Obama Budget on the AICPA site. It includes revenue estimates from the Treasury Greenbook. The 10-year net is $274 billion.
The biggest single item is the bank tax, called the financial crisis responsibility fee: $90 billion. It’s supposed to be a payment from bailed out companies, but among those firms, some who got the most bailout money and haven’t paid it back won’t be hit by the bank tax. General Motors is often first on this list of lucky duckies.
Probably more important than the bank tax’s dubious targeting is the newly announced opposition of small banks to idea of taxing the biggest banks. The Independent Community Bankers of American (ICBA) sent out this letter today.