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ATR Opposes H.R. 4173,
Tax Hikes on Financial Services

From Ryan Ellis on Tuesday, December 8, 2009 6:55 PM
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ATR President Grover Norquist sent the following letter today to House Financial Services Chairman Barney Frank (D-Mass.):

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Americans for Tax Reform is opposed to H.R. 4173, the “Wall Street Reform and Consumer Protection Act of 2009.”  Besides raising the cost of government with onerous new regulations on the financial services sector, H.R. 4173 is a net tax increase.

According to the Congressional Budget Office and the Joint Tax Committee, net tax revenues would increase by $4.9 billion over the 2009-2019 budget window.  These tax hikes are the result of new fees assessed on the financial services sector in order to pay for the new regulations on that same sector.

Increasing taxes and regulations on financial services companies will only result in fewer and more expensive financial services offered to the American people.  The old maxim, “if you want less of something, tax it more” certainly applies here (and one might also insert “regulate” instead of “tax”). 

Raising taxes on vital services needed by everyone—at least everyone who owns a home, has a credit card, or has opened an IRA—is foolish public policy.

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Comments

And I suppose by letting everyone go bankrupt, losing their home to the banks' greedy foreclosure processes will "save dollars"? You're full of it, and WRONG! You want everyone to lose their home to make money for the banks collecting their INSURANCES and greedy horrendous EXPENSIVE FEES on Foreclosures, rather than give millions of homeowners any breaks from the Wall St. greed of BANKS...who are now hated worse than attorneys and Wall Street crooks. Thanks a LOT for NOTHING, you bank-paid moron. Carol Kaye ckaye@ca.rr.com Homeowner, honest hard worker for over 60 years, and leader in my own field.
>> Carol Kaye Wednesday, December 9, 2009 4:24 PM Report Comment

So what is the President going to do about creating jobs when this bill is passed and it causes the finance industry to colapse? I work for a industrial loan company and this is going to affect us majorly! Nationwide, every finance company, several employees in each office: picture us standing in the unemployment line. I'm sure there will something changed to the unemployment system where we won't even be able to draw the benefits! That's really gonna help the US make progress to get us out the mess we are in. Why should the government stick their nose in our financial business? I'm not stupid and I know how to handle my bills. There are companies that charge 300% interest. Thats predatory lending so go after them, not us!
>> Brandy Thursday, December 10, 2009 1:25 PM Report Comment

I apologize for my anger angry and name-calling, that is not me. I over-reacted having had so much experience with the failures of the Hamp and the Harp government programs that truly are not helping legitimate homeowners. It just seems that no-one is addressing the cause of this economic mess to begin with: the fear of every homeowner in the USA - no spending = no jobs. Middle-class is ignored, we need a financial wizard to draw up workable programs, not the inane failure Hamp and Harp to address the issue of the banks. Again I apologize for my rudeness.
>> Carol Kaye Saturday, December 12, 2009 7:29 PM Report Comment

When will America wake up? What can I do to0 help(most effective thing)
>> Norm MacDougall Wednesday, February 3, 2010 9:10 AM Report Comment

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