Welcome to InsuranceForums.info!   

Advertisments:


Sponsor Links

Affordable Pet Insurance
Travel Insurance Comparison


Why Should Banks That Received Tarp Money Not Be Asked To Pay A Fee So Program Does Not Add To The Deficit?

General Insurance discussions and general chat

Why Should Banks That Received Tarp Money Not Be Asked To Pay A Fee So Program Does Not Add To The Deficit?

Postby elmoor72 » Tue Oct 03, 2017 12:57 pm

From President Obama's proposal for Financial Crisis Responsibility Fee itself.

Levied on Only the Largest Financial Firms with the Most Leverage

? Applied Only to Firms with More Than $50 Billion in Consolidated Assets: The fee would only be applied to firms with more than $50 billion in consolidated assets. No small or community bank would be covered by the fee.

? Fee Would Cover Banks and Thrifts, Insurance and Other Companies That Own Insured Depository Institutions, and Broker-Dealers: Covered institutions would include firms that were insured depository institutions, bank holding companies, thrift holding companies, insurance or other companies that owned insured depository institutions, or securities broker-dealers as of January 14, 2010, or that become one of these types of firms after January 14, 2010.. These institutions were recipients and/or indirect beneficiaries of aid provided through the TARP, the Temporary Liquidity Guarantee Program, and other programs that provided emergency assistance to limit the impact of the financial crisis.

? Both Domestic Firms and U.S. Subsidiaries of Foreign Firms Subject to the Fee: The fee would cover the liabilities of all firms in these categories organized in the U.S. ? including U.S. subsidiaries of foreign firms. Operations of U.S. subsidiaries of foreign firms in the areas cited above would be consolidated for the purposes of the $50 billion threshold and administration of the fee. For those firms headquartered in the U.S., the fee would cover all liabilities globally. The Administration will also work through the G-20 and the Financial Stability Board to encourage other major financial centers to adopt comparable approaches.

? Fee Assessed at Approximately 15 Basis Points (0.15 Percent) of Covered Liabilities Per Year

? How Liabilities Subject to the Fee Would Be Determined: Liabilities subject to the fee would be defined as:

Covered Liabilities = Assets - Tier 1 capital - FDIC-assessed deposits (and/or insurance policy reserves, as appropriate)

? Exempting FDIC-Assessed Deposits and Insurance Policy Reserves As Appropriate: The fee will exempt FDIC-assessed deposits because they are stable sources of funding covered by deposit insurance and already subject to assessment. Similarly, the base for the fee would be appropriately reduced based on

insurance policy reserves.

? How the Fee Would Be Assessed: Covered liabilities would be reported by regulators, but the fee would be collected by the IRS and revenues would be contributed to the general fund to reduce the deficit. The Administration will also work with Congress and regulatory agencies in order to design protections against avoidance by covered firms.
elmoor72
 
Posts: 527
Joined: Sat Apr 02, 2011 5:57 am

Why Should Banks That Received Tarp Money Not Be Asked To Pay A Fee So Program Does Not Add To The Deficit?

Postby Talford » Tue Oct 03, 2017 6:57 pm

Why should banks not be asked to pay a fee that they will only pass on to customers and make us all pay the fee for them while they still keep giving themselves huge bonuses?

Smart, real smart.
Talford
 
Posts: 57
Joined: Fri Jan 03, 2014 11:15 am

Why Should Banks That Received Tarp Money Not Be Asked To Pay A Fee So Program Does Not Add To The Deficit?

Postby tomek » Wed Oct 04, 2017 2:09 am

Those that recived TARP funds are already paying it back with interest.

I can see where the socialist thinking would be that if a bank makes money fine them but if they lose money give them some.

Awww geez.
tomek
 
Posts: 195
Joined: Tue Sep 18, 2012 6:20 pm

Why Should Banks That Received Tarp Money Not Be Asked To Pay A Fee So Program Does Not Add To The Deficit?

Postby harry42 » Thu Oct 05, 2017 5:19 am

It will hurt businesses because banks won't lend as much money, it will make interest rates and fees go up and that will hurt the consumer.
harry42
 
Posts: 447
Joined: Thu Mar 31, 2011 10:38 pm

Why Should Banks That Received Tarp Money Not Be Asked To Pay A Fee So Program Does Not Add To The Deficit?

Postby kye » Mon Oct 09, 2017 6:09 pm

Did you notice that involvement with TARP is NOT a condition for these taxes? But let's look at what the White House says it IS intending:

> Targeting successful companies.

> Adjusting the law to prevent them from OBEYING THE LAW to reduce their tax burden.

It is a straight-up attack against recovery and OBVIOUSLY so.
kye
 
Posts: 525
Joined: Fri Apr 01, 2011 3:46 pm

Why Should Banks That Received Tarp Money Not Be Asked To Pay A Fee So Program Does Not Add To The Deficit?

Postby twitchel » Tue Oct 10, 2017 10:08 pm

Again is this a question or a college dissertation?

Please note two things:

1.
It is on all the banks, not just those that took the "King's crown".

2.
They artfully use the term "FEE" as if it is not a TAX.

Remember all corporate taxes are payed but us the people not the large companies.
twitchel
 
Posts: 187
Joined: Wed Sep 19, 2012 8:19 am

Why Should Banks That Received Tarp Money Not Be Asked To Pay A Fee So Program Does Not Add To The Deficit?

Postby alitz32 » Wed Oct 11, 2017 10:09 pm

because the whole purpose was to help the banks

This " fee" defeats that purpose
alitz32
 
Posts: 433
Joined: Sat Apr 02, 2011 4:41 am


Return to General Insurance Questions

 


  • Related topics
    Replies
    Views
    Last post