Heavy Lifting - thoughts and web finds by an economist
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Monday, January 18, 2010
The Administration proffered a "sin tax" on banks last week. The Treasury Department's "Fact Sheet" about the plan and it's reasoning was pure doublespeak. There is no discussion about the impact of the tax on the financial sector, on depositors, or creditors. It is easy to propose a tax on the banks because everyone hates the banks - but probably love their personal bankers.
Oh well, more work for future generations of economists.
The announcement has a link to the following graphic which just about sums up the mentality in Washington. With just a few lines of arithmetic and a "bone" thrown toward private property rights, the government can whisk $600m into its coffers.
Where is the outrage?
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