GOP: .035% tax on wealthiest financial institutions could lead to disaster.

GOP: .035% tax on wealthiest financial institutions could lead to disaster. March 19, 2014

54 Republican lawmakers have sent a letter to one of their own, House Ways and Means Chairman Dave Camp.  Camp has proposed a new tax that his GOP compatriots have found unacceptable.  In their letter, these lawmakers fret that Camp’s proposed tax would “threaten our economic vitality by reducing access to credit, curbs economic growth, and worsens our nation’s unacceptably high unemployment rate.”  That sounds terrible!

More than 50 Republican lawmakers sent a letter Friday to House Ways and Means Chairman Dave Camp (R., Mich.) saying they are “deeply concerned” about a proposed tax on banks they worry would undermine lending and curb economic growth.

The letter from Rep. Patrick McHenry (R., N.C.), a member of the House Financial Services Committee and co-signed by 53 House Republicans is the latest GOP pushback on Mr. Camp’s Feb. 26 proposal to overhaul the tax code. Included in the proposal is a quarterly tax on financial firms with assets greater than $500 billion.

Oh, he wants to tax financial firms with more than $500 billion in assets.  How much would that tax have to be in order to threaten the country’s economic vitality and severely hinder economic growth?  If you guessed a .035% tax on banks with more than $500 billion in assets, you win a cookie (see pages 927-928 of the proposal).

Maybe it’s just because I’m a Commie-loving, morality-hating, America-destroying atheist, but I suspect that  J.P. Morgan Chase & Co., Bank of America, Citigroup, Wells Fargo & Co., Goldman Sachs, Metlife, Morgan Stanley, and their kind, all of which are doing just fine (at least $500 billion in assets fine) will somehow manage to soldier on in the face of a .035% quarterly tax.

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