President Obama now wants a windfall profits tax assessed against the nation’s top 20 to 30 banks to cover the estimated $120 billion in projected TARP losses, costs largely incurred from bailing out the failed insurer AIG, the automakers, and bad borrowers.
So which banks could be hit with the new “cash for flunkers” tax, by how much, and will it really raise tax revenues to cut down the deficit? Or will consumers have to pick up the tab?
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