Bloomberg: $110 Billion Bank Tax Would Hurt Economy
Bloomberg reported that Securities Industry and Financial Markets Association president and CEO Kenneth E. Bentsen said in a statement the “targeted tax increase on America’s most productive financial institutions could have far-reaching, unintended consequences that will curtail economic growth.”
According to Bloomberg , Wall Street’s top lobbying group said President Barack Obama’s plan to raise $110 billion over the next decade through a new tax on financial companies could stifle economic growth and make banks less likely to lend.
Bloomberg said the proposal, which is an attempt to rein in risk on Wall Street, would impose a seven-basis-point fee on the liabilities of the nation’s biggest banks, investment firms and insurers.
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